G7 Panics, Says "Global Stablecoins" Pose Threat To Financial Stability

Mon, 10/14/2019 - 10:09

Authored by Aaron Wood via CoinTelegraph.com,

The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system.

According to the BBC on Oct. 13, a draft report from the G7 outlined the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating:

"The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.
[...] Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement."

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 introduction of “global stablecoins” could pose a host of challenges to the regulatory community, not least because they have the potential to become systemically important, including through the substitution of domestic currencies.
These include challenges for financial stability; consumer and investor protection; data privacy and protection; financial integrity including AML/CFT and know-your-customer compliance; mitigation of tax evasion; fair competition and anti-trust policy; market integrity; sound and efficient governance; cyber security and operational risks; and an appropriate legal basis."

The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.

Further problems for Libra?

The BBC states that, while the report does not single out Facebook’s proposed Libra stablecoin project, it could spell further trouble for the already beleaguered proposed payments system.

Global regulators are increasingly leaning on the project, with the Bank of England recently establishing provisions with which it must comply before it can be issued in the United Kingdom.

Facebook CEO Mark Zuckerberg will testify before the United States House of Representatives Financial Services Committee about Libra later this month. The head of the committee, Democratic Representative Maxine Waters, has been a noted critic of the project. Earlier this year, the committee drafted the “Keep Big Tech out of Finance Act.”

Libra has seen several major partner firms of its governing consortium leave the project recently. On Oct. 4, major payments network PayPal withdrew from the organization and was soon followed by Visa, Mastercard, Stripe and eBay.

Furthermore, Finco Services of Delaware initiated a lawsuit against Facebook, alleging trademark infringement, unfair competition, and “false designation of origin” regarding the use of the Libra logo. The plaintiff is also suing its former designer, who did the logo work for Facebook, for reusing the design.

https://www.zerohedge.com/crypto/g7-panics-says-global-stablecoins-pose-threat-financial-stability

See? Nobody in the establishment denies that they want a global currency. The only point of contention is who gets to control it.

https://twitter.com/WellHellsBells_/status/1132901727416520706

a very interesting thread connecting the Royals and the Khashoggis.

... also Haiti, Dallas, Bush, clowns, Mohrenschildt, Epstein, PapaD, children’s charities, and more.

a few off limits topics mixed in with other interesting info.

I totally missed that Donaldson Ranch story of the tragic fourteen year old Posey boy. Thanks for posting. Some disturbing story, there, never mind Sam. thx.

RE:Project Veritas CNN Whistleblower

7,846 views

Wow, you posted that about an hour ago and right now it's showing (and who knows if Youtube is shadow banning or limiting it somehow):

108,168 views •Oct 14, 2019

CGato

NEWS BLAST FOR THE WEEKEND OF OCTOBER 12TH/13TH
ENoCH @elenochle https://twitter.com/elenochle/status/1183783785373958149

Image Link

It’s rough out there in the tweetter/Utube world today. They cannot keep up with all the repostings and people’s content on Utube is being demonitized right and left.

I figure by the end of the day, Bitchute, Gab and others are going to have a lot more content and new users.

Yeah, because Christians think all Christians are white? He is such a loser.

Sam Donaldson and all the crazies in their echo chamber continue to push this nonsense, even though in reality, many minorities support President Trump. It's sad how they blatantly deceive their audience but their comeuppance is coming.

CGato

IPOT episode on Valenti

https://www.youtube.com/watch?v=-Kwg-Tp4xI8

Actually, all white people are free-market capitalists.
All protected classes wish and hope for socialism.

Who is to the left of Brennan on the current X22 part b image?

Not sure who that is.

I wonder if it was stricken from the record....

Pedophile brain surgeon, 58, accused of raping multiple children and running a sex ring with two nurses is found dead in his prison cell after 'taking his own life'

Neurosurgeon James Kohut, 58, who was accused of raping multiple children, was found dead in his prison cell in California on Sunday
Kohut and two nurses, Emily Joy Stephens and Rashel Melina Brando, were arrested in 2017 on suspicion of running a child-sex ring
In October prosecutors said they discovered two hours of footage showing the three raping children, some who were as young as three
Kohut had affairs with both Stephens and Brandon and he directed them to engage in sex acts with their victims, including Stephens' children
Text messages also reveal how the group spoke of having more children for a 'taboo family,' where they would all have sexual relations

By LEAH MCDONALD and CHRIS SPARGO FOR DAILYMAIL.COM

PUBLISHED: 09:38 EDT, 14 October 2019 | UPDATED: 09:44 EDT, 14 October 2019

https://www.dailymail.co.uk/news/article-7571203/Pedophile-brain-surgeon-58-dead-prison-cell.html

Yet again the news comes from outside the US....

We went through more stringent testing than at TSA checkpoints to get into the Minneapolis Rally.

Pinchuk has been paying Schoen more than $40,000 every month for eight years.

this started in 2000 https://www.nytimes.com/2014/02/13/us/politics/trade-dispute-centers-on-ukrainian-executive-with-ties-to-clintons.html

Attorney General William P. Barr Delivers Remarks to the Law School and the de Nicola Center tr

10/14/2019, 11:46:19 AM ·
ransomnote

Excellent speech regarding the active assault on religious freedom. If anyone has the video link, please post it here. I saw a brief clip (I'll put the text version below) but have not seen the whole video.

Excerpt: First is the force, fervor, and comprehensiveness of the assault on religion we are experiencing today. This is not decay; it is organized destruction. Secularists, and their allies among the “progressives,” have marshalled all the force of mass communications, popular culture, the entertainment industry, and academia in an unremitting assault on religion and traditional values.

These instruments are used not only to affirmatively promote secular orthodoxy, but also drown out and silence opposing voices, and to attack viciously and hold up to ridicule any dissenters.

One of the ironies, as some have observed, is that the secular project has itself become a religion, pursued with religious fervor. It is taking on all the trappings of a religion – including inquisitions and excommunication.

Seems it’s time for Emergency judicial action and Surgical Removal (Enforcement) of an overwhelming parasite invasion, which is killing the host. Rant tolerance, begged. %:D/

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Rants ... I've had a few myself.

My brain is continuing to tell me that Barr has to present these indictments as a complete conspiracy--invoking RICO statutes if possible. And this takes time.

Meanwhile, my heart is as sickened as everyone else by these vermin continuing to run their mouths and run around free.

Unfortunately, in addition to prosecutorial tactics, I think there is another major concern: the election. We cannot put "Socialism" on trial in a court of law or even a mil tribunal. It can only be vanquished at the ballot box.

Election day is just 386 days away (remembering 2020 is a leap year). When about 100 RATs are indicted, it's going to suck all the oxygen out of the room relating to all POTUS' great accomplishments: Taxes, Paris, Jerusalem, ISIS, TPP, military, Justices & Judges, regulations, economy, world peace (seriously!), China, border/Wall, USMCA etc.

Meanwhile, RATs are self-destructing (politically) every day!

Would it be so awful to just wait until the election? I know there might be a tiny number of Trump voters who are disheartened and don't go to the polls ... but what is the BEST PLAY?

We don't want to screw up a WON GAME.

Holding our MAGA movement together while we secure the 2020 LANDSLIDE VICTORY and start to significantly roll back the socialist cultural invasion may be the next great task for Q.

Eventually we will get to D5-day.

Hey guys.

So what is your take on the entire Syria situation?

Also, Barr... Interesting...

Thanks to others who posted when I asked:

Youtube:

Attorney General William Barr “What’s the Problem With America” Full Speech Notre Dame 10/11/19

https://www.youtube.com/watch?v=VMceKdV813Q

FB - shows intro speaker/s:

https://www.facebook.com/16NewsNow/videos/911730505868489/