Leaders and finance officers of the G7 countries held a series of meetings this week, including the cryptocurrency sector, and important decisions were made in these meetings.
Although some of these have not yet been shared with the press, information was given about a step that concerns central bank digital currencies. According to the transfers, central bank-derived digital currencies are welcomed and seen as complementary to fiat currencies.
Stablecoins in Danger, CBDCs “Safe”
Meeting in Washington on October 13, finance leaders discussed central bank digital currencies and 13 situations about this practice.
At the meeting attended by Canada, France, Germany, Italy, Japan, the USA and the UK, it was emphasized that the central bank digital currencies that will be launched will actually not harm the central banks and will protect the financial stability. In the joint statement made by the finance ministers of the G7 countries, it was emphasized that important collaborations were made in this regard and that these would actually create trust for both the financial system and the user in cross-border payments.
It is stated that CBDCs will not replace fiat currencies and instead will actually assist fiats and provide liquidity. This can actually be perceived as a threat to stablecoins.
The fact that the usage rates of stablecoins are increasing day by day and their total value is seeing billions of dollars may lead to the end of the use of CBDC before it ever started. This indicates that even some stablecoin-focused bans may come soon.