No global stablecoin project should commence operations until it fully complies with legal, regulatory and supervisory requirements. This was stated by the financial leaders of the G7 in a коммюнике following the London meeting.
In October 2019, a G7 working group presented a report outlining risks associated with ‘stablecoins’ to the global financial system. In the document prepared by central bank representatives, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), it stated that the launch of global stablecoins should not proceed until all the listed issues are addressed.
In October 2020, G7 financiers stated that will not permit the launch of such Libra (now Diem) assets until ‘exhaustive regulation’.
Participants of the London summit reaffirmed support for international cooperation to ensure common standards and emphasized the importance of addressing any gaps identified in the legal framework.
Finance ministers and central bank governors of the G7 also noted that they will continue joint work to study the possibilities, challenges and implications of the use of CBDC.
“CBDCs should be resilient and energy-efficient, support innovation, competition, inclusion in financial services, and help grow cross-border payments. They should operate within appropriate privacy frameworks and minimise side effects”, the statement said.
The G7 financial leaders will continue working on common principles and will publish their conclusions by the end of the year.
Back in December 2020, the G7 finance ministers and central bank governors reiterated the need to regulate cryptocurrencies.