On a statement put out by the representatives of G7 countries (US, Canada, Japan, Germany, Italy, UK, and France) it was made clear that the launch of global Stablecoin projects will be opposed until a proper regulatory framework is in place.

This group of representatives includes central bankers and finance ministers who were assembled in 2019 to examine how cryptocurrency can be regulated.

According to many countries, Global stable coin will possess a greater threat to the financial system. Authorities said that stable coins will only receive regulatory approval after a proper framework is created.

The central banks and regulatory authorities are researching how to avoid money laundering, tax evasion, etc.

Stable coins should also comply with consumer protection laws and should be protected from ransomware attacks.

The statement put out on Oct 12 is considered as an attempt to prevent Facebook's flagship stable coin project Libra. Earlier a few European countries reached a consensus to prevent Libras launch in Europe. With the new decision, Facebook's Libra will not receive regulatory approval.

For more updates hit the follow Button.