G7 leaders are keen to learn more and fully explore Bitcoin’s potential
- The G7 recently published a 37-page paper on on cryptocurrency investigating the effects of global stable coins.
- Leaders recognised that existing payment-related platforms are slow and expensive, in addition to lacking transparency.
G7 leaders are keen to fully explore Bitcoin to its maximum potential, according to a report that was released on cryptocurrency investigating the effects of global stable coins. The G7 which includes the US, UK, Germany, Italy, Japan, France, and Canada also has leading hubs for cryptocurrency and blockchain projects
A 37-paged paper was published by the G7, aiming to investigate the effects of stablecoins on a global scale.
In the report, the G7 outlined the potential of cryptocurrency in effectively aiding cross border payments. Furthermore, it highlighted that the existing platforms are still not fast enough, expensive and not transparent to every stakeholder. Although, the report noted that cryptos are currently held for speculative agendas rather than an efficient monetary asset.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
