The G20 dealt Facebook’s Libra cryptocurrency ambitions another blow on October 18, agreeing to a ban stablecoins until global regulations are in place.
The union of cryptocurrency and Wall Street is much like a Medieval arranged marriage: A little bit of wealth is at stake but everyone seems miserable and most people involved are in need of a bath. Few are as upset about the whole thing as those who are involved in crypto for ideological reasons—or, at least, those who say they are.
The G7 has finally released a major report on the potential impact of global stablecoins.
Facebook’s wounded Libra Association formally voted itself into existence on October 14, electing a board and choosing officers. The ceremony was overshadowed by the loss of seven original members including Mastercard and Visa.