Today I read information that a G7 report on cryptocurrency was published.
The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.
Guys, I ask you to comment on this matter. After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.
I am not that much interested with what the G7 member countries have to say about Bitcoin and cryptocurrency. We cannot set high expectations that they will release crypto-friendly statements. In the same manner that they shouldn't also expect friendly statements coming from the strong Bitcoin or cryptocurrency community.
These powerful countries are threatened by whatever crypto development. On the other hand, the crypto community is also trying to offer better payment alternatives to the people that are outside the control and power of the governments. And although possible, these two seem to be opposite forces and can hardly be reconciled.
The issue of stablecoins considered as more threatening than the rest of the cryptocurrencies just popped out primarily because of Libra and the fact that they are more like the current fiat currencies because they are non-volatile.