G7: the failure of Bitcoin as a means of payment

G7: the failure of Bitcoin as a means of payment Various digital currencies, including Bitcoin, have failed to become a means of payment and savings with high reliability and attractiveness for users. However, stablecoins have the potential to do so, according to an official report by the Group of Seven (G7). Countries such as Japan, the United Kingdom, Canada, the United States, Italy, Germany, and France are part of a separate group. They have published a report that talks about the stability of cryptocurrencies. They also recognized the fact that global stablecoins will be able to solve the problems of slow, expensive financial transactions. Despite the fact that they are still not completely free from risks. At the same time, “digital assets” are not capable of becoming a highly efficient solution. Since they are very volatile, they are difficult to manage. They also have some scalability limitations, as well as management and regulatory difficulties. The report states: “Thus, cryptocurrencies serve more as a highly speculative asset class for certain investors and those engaged in illegal activities than as a means of payment.” From another perspective, stablecoins still lack global regulation, which makes them unstable. However, if you follow all the rules, “stable digital currencies” can still become convenient to use. But only if you look at them as a means of payment and savings, according to G7 experts. The authors of the document also emphasized: “No global stablecoin project should proceed until legal, regulatory, and supervisory issues are adequately addressed, risks are mitigated through the implementation of appropriate designs, and clear proportionate regulations are in place.”