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.
Why did not you leave a link to the report? It's an important thing to make sure we're discussing what's actually going on rather than your stance on this matter. It's especially important since when I googled it I not only wasn't able to find it, but I also found lots of articles saying the exact opposite of what you're saying about stable coins. It seems that G7 doesn't find them reliable (see
here or
here). Anyway, I've found a
report on stablecoins, and while it seems to favor them over decentralized unregulated cryptocurrencies, it still find lots of risks that have to be dealt with if these coins are to be used for serious operations. I think that it's natural for the govs to favor stablecoins over cryptos like Bitcoin because stability is what they are trying to ensure with fiat and because high volatility can indeed be a big obstacle for a coin to become used in retail, for instance. But I think that stablecoins are just trying to copy fiat, and they can collapse anytime which is actually riskier than volatile cryptos. When it's volatile, you sort of see the risks, but when it's stable, it gives a fake comfort like it will always be this way.