According to a G7 report published on Oct 13 digital currencies or global stablecoins jeopardize the global financial system by building an unhealthy competitive environment. In what constituted a significant blow to the burgeoning world of cryptocurrencies, the G7 group of nations’ latest report touted them as a threat to the global economy and monetary system. According to them, their potential to snowball could foster aggressive competition, thereby causing users to lose trust in the system altogether. It appears that the report will be presented at the International Monetary Fund by the end of this week. The G7 focus group
