A draft report by the G7 group of nations outlined the risks associated with “global stablecoins.” The report said: “No stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.” This report is likely to increase the troubles for Facebook’s Libra project.
Former Commodity Futures Trading Commission chairman Christopher Giancarlo believes that Libra and the prospects of central bank digital currencies will increase regulator's intrusions into the crypto space.