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G7 report: global stablecoins are a systemic risk

Autor: Financial Market
Timp de citit: < 1 minute

There have been several reports on cryptocurrencies by the Bank of International Settlements (BIS). All of them said that they were not yet sufficient in scale to represent serious risks.

G7 Working Group’s Report on Stablecoins, produced by the BIS, represents a change of tune. Global stablecoins such as Libra represent a systemic risk. The BIS defines a global stablecoin (GSC) as an initiative built on an existing large customer base with the potential to scale rapidly.

Among a broad range of risks, 4 are highlighted, detailed below.