Goooood morning lions hope you're having a wonderful weekend. I'm up a little earlier today due to the kidlettes having an early morning melt down. Gotta love kids, wake you up at the crack of dawn, spend the next few hours trying to settle them only for them to fall asleep a few hours later and you stuck awake thinking wtf just happened?
But that's not why we're here today, today we're discussing the race for stable coins and things are really starting to heat up with a recent G7 meeting which discussed Stable coins.
Who are the G7?
The G7 consists of 7 of the leading democratic nations which also make up some of the most strongest economies consisting of the United States, Japan, France, United Kingdom, Italy, Germany and Canada.
The G7 was established in the 1970s after the economic crisis brought on by the exchange rate collapse caused by a number of factors including the energy crisis and a recession.
The G7 meet annually to discuss economic strategies and negotiate taxes to ensure synergy between nations.
These 7 nations alone represent 58% of the global net worth and 46% of the global GDP. A significant slice of the economic pie so what happens here has wide ranging implications across the globe.
I found a really good informative post about the G7 and what it is which you can read Here
Stable Coin discussions
I was really interested to see at the most recent discussion that the focus was on cryptocurrancy and the use of Stable coins.
These discussions around stable coins have been going on for quite some time and have been a focus of the G7. Specifically point 17 and 18 in the screen grab above talk to stable coins. You can read the minutes Here
It really appears like the G7 will be moving towards CBDC issued Stable coins. I'm further interested in their discussion around privacy.
Currently block chain tech is not private and it is open and transparent for all to see. This might sound great but it is also a significant risk as transactions can be easily tracked. This leaves people open to having their information available and becoming a target of theft either online or in person.
If major players are to enter the market they will need to ensure their trades are untraceable and out of view from prying eyes.
Security is also a major concern of the G7 more so of economic security which is why I believe they are now moving into this space.
They agree that regulations need to increase as well as anti money laundering policies in placed and have all come to the agreement to not progress a stable coin until they are all unified in approach.
With 58% of the global economy this is where stable coins will be created and agreed upon.
The main take away from what's to come is in this statement "CBDCs should be resilient and energy-efficient; support innovation, competition, inclusion, and could enhance cross-border payments; they should operate within appropriate privacy frameworks and minimise spillovers. We will work towards common principles and publish conclusions later in the year,"
So looks like later this year we will have the first designs of a universal stable coin.
The US wastes no time
The US has wasted no time on moving towards a stable coin convening a meeting for 9 June 2021 and is open to the public. Due to the pandemic it will be an online conference and you can register Here It's scheduled for a 2:30pm start and would be great to attend to see what initial discussions pertain to.
The European Union is also moving towards establishing its own digital wallet to not only access digital currencies but also access secure websites and store sensitive data securely. You can read more about it Here
Google advertising policy reversal
In breaking news and the biggest change that will impact cryptocurrancy trading is Google's reversal on banning cryptocurrancy advertising.
In an updated policy which will take effect this year in August, Google will reopen ads to cryptocurrancy advertising. You can read their policy Here
It does come with terms and conditions requiring wallets, currencies and exchanges to be registered with the Financial Crimes Enforcement Network (FinCEN) it will also expand globally to not just Google search but also its third-party sites, including YouTube, Gmail, or Blogger.
China isn't giving up just yet
China isn't giving up just yet on the race announcing to aid its own digital currency adoption they will be hosting a lottery giving away 200 of its currency to people who register to a total of $6.2 million worth of money. Each 200 win is equal to $US32. You can read more Here
As its now become a battle of East VS West for dominance of the digital currency things are about to heat up and we're looking forward to how this impacts the global economy and what gains the average person gets from all this action.
What are your thoughts on the recent announcements? Are we set to have a legitimate Cryptocurrancy world or will there be damaging changes coming?
Photo sources - links and Canva Pro Subscription
Posted Using LeoFinance Beta