The G7 has finally released a major report on the potential impact of global stablecoins.
Flights of rhetoric surrounding Facebook’s Libra stablecoin and other digital currencies has reached impressive heights at times. But former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo took it beyond the stratosphere in an October 15 editorial, comparing the launch of an American central bank-backed digital currency to the Apollo 11 mission.
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.
Facebook’s plan to create a blockchain-based stablecoin called Libra took a body blow on October 11, when five main partners including Mastercard and Visa withdrew.