According to the BBC, a report from the G7 showed various risks associated with digital currencies. Concluiding that “global stablecoins” pose a threat to the global financial system.

The G7 also states that global stablecoins with the potential to scale rapidly could stifle competition and threaten financial stability if users lose confidence in the coin. The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.