Bitcoin Forum

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

I guess there is nothing to worry about the news that will be reported by G7. Cryptocurrency especially bitcoin have been already bombarded with series of bad news and articles but until now it is alive and kicking. the G7 report is somehow fishy as it is biased in favor with stablecoins / stable cryptocurrency. Maybe it has something to do with the release of Libra coin to attract more investors. But in my opinion there would be no huge impact on bitcoin since bitcoin has proven itself over the years.

Perhaps you are right, but the United States, France and Germany, which have repeatedly spoken negatively about Libra, are also part of the G7.  And the US government is demanding a moratorium on the Libra project. Based on this, there is doubt that the G7 will act in the interests of Facebook.

It is very rare that officials or other official sources express a positive opinion about cryptocurrencies, but nevertheless, the cryptocurrency market lives its own life and each cryptocurrency user contributes to the value of each coin.  In my opinion, not a single report, and not a single statement will affect the prospects of projects really needed in society.  As for the Libra project, the G7 has yet to consider a report stating that there are huge Facebook security issues. Most likely this news will be warning in nature for those who are interested in the Libra project.  In addition, I'm not sure that regulators will be able to give Facebook a chance to implement their project.

I think just a little concern since they are leaders of 7 great nations. But they can never stop the usage of bitcoin and other cryptocurrency. There are country may ban them but there are more  people who are willing to use it in their everyday life. The masses is the reason  why this crypto stays afloat until now, and will survived whichever nation against it.

They are right there is no team which has actually made a fortune out of the project. Almost all ICOs around the world were incorporated raised funds and then never turned back to report anything. Neither they made anything good and nor they showed any reports on where these funds went. I am really curious to know what will be the reporting standards for such corporations because money over blockchain is still people's money and no matter how much p2p it is you must show proper statements regarding utilization of those funds.  

I am not that much interested with what the G7 member countries have to say about Bitcoin and cryptocurrency. We cannot set high expectations that they will release crypto-friendly statements. In the same manner that they shouldn't also expect friendly statements coming from the strong Bitcoin or cryptocurrency community.

These powerful countries are threatened by whatever crypto development. On the other hand, the crypto community is also trying to offer better payment alternatives to the people that are outside the control and power of the governments. And although possible, these two seem to be opposite forces and can hardly be reconciled.

The issue of stablecoins considered as more threatening than the rest of the cryptocurrencies just popped out primarily because of Libra and the fact that they are more like the current fiat currencies because they are non-volatile.

I am not disturbed by this news. If we will going to look at the reason or the possible outcome of this issue, they are focusing on the development and adoption of people to stable coins, why? Because they want the fiat conversion from own currency to stable coins, because basically, it is the most suitable crypto for conversion. Then why am I not afraid? This is still a build up for market adoption in cryptospace, wherein people will have their knowledge how good cryptos are. In any case that they discover bitcoin asset, it will surely catch their attention to buy and accumulate more. As a result, huge market price awaits us through the stable coin as the medium.

My interpretation is that the G7 feels threatened by stablecoins. Libra brought the issue to the forefront, but the ballooning of Tether in market size also seems like a pressing issue for them.

As long as Bitcoin is seen primarily as a speculative vehicle rather than a ubiquitous medium of exchange, they don't seem overly concerned about it.

You should edit a link to this article in your thread, it'll make the users and posters life's a lot easier.

Anyway, regarding their article, I feel like they take a very strange viewpoint regarding crypto-currencies, and they are mostly focusing on stablecoins like Libra and Tether. Libra was able to bring this subject to light, a matyr in a sense.

Bitcoin isn't their problem at all - I rarely saw it discussed upon in-depthly and they don't care about it due to the price flucations, etc.

Actually, its a good thing that  most countries are finally getting more awareness towards Bitcoin and cryptocurrencies and the fact that they had prepared a report for it makes it even more exciting!

I guess this are first steps towards adoption and hopefully, Governments should formulate certain  regulatory frameworks  needed if they plan to embrace it and be more crypto friendly and not become totally hostile towards cryptocurrencies!


I think that report is fair and impartial and I really like what it had stated about stablecoins as quoted above.

That is to be expected from the G7 panel.  Lacking regulation on cryptocurrency makes them think that it is risky and needs to be regulated by all means.  The high price volatility of cryptocurrency will always have the same feed back from these group so what they are saying is about cryptocurrency is true. 


I do not think they are threatened, its that they see it as potential for economic growth but also have risk of being exploited and manipulated thus the need for proper law and regulation for it is needed.  They are discussing things in an economic manner with the application law above it so it is natural to identify risk and regulation according to their standards.

bitcoins problem is not the price. in my life time gold has gone $2k->$400->$2k
in the last few years i seen £<>$  go from 1.60-1.20
in short. NOTHING is stable
even a price of bread moves in prices.

but bitcoins problem is tx/day... and no before people even dare advertising alt networks using btc pegging/lockups to play around on other networks, those are not the btc network.

bitcoins tx/day means its not fit for daily utility of millions of people.(bitcoin has never exceeded 600k a day in any day over the last 10 years)

the price speculative stuff.. thats just market play
take cars, its inflationary, no one sells a 2nd hand car at its value, they always sell it below value
take bitcoin, its deflationary, no one buys a bitcoin at its value, they always buy it above value

same with gold. the 'spot price' is not the same as the value

so yes the PRICE is speculative. but if you know what the VALUE is then you can see where the PRICE sits above it to know how speculative your being.
EG the $20k ATH was 3x of pure speculation hype. hense it corrected down so much.
those buying now are much closer to value than the ATH, so now is a better time to buy

that said i just read it as bitcoin is not ready as something 7billion people should all jump in on. but nothing wrong with whoever wants to take the chance can. to me its just standard risk observation stuff. not a ban but not a free-for-all jump onboard promotion

As far as I remember, G7 summit held somewhere on 2017 or 2018 and many of us speculate that the price might gets affected with the agreement by the leaders but luckily we didn't felt the negative effect and so I think even on the recent summit there will be no effect and don't need to be disturb.

Not unless this will create hype, then it will be a good thing tho.

i think it only affects the decisions of the government(s) about bitcoin and mostly for taxation purposes. for example when they say "it is not reliable means of payment and is highly speculative asset class" that means the government would consider bitcoin as an asset, commodity,... instead of a currency. and that mostly translates into how they tax it.
otherwise bitcoin is what it is. it is a global censorship resistant payment system that has a volatile price that is on the rise in long term due to it still being in it s early stages of adoption. what these reports end up saying regarding bitcoin is not going to change that.

What did you expect? Governments will support any technology that strengthens their reserve currencies and these stable coins that are backed by the US Dollar are one of them. They will bend the "rules" and "definitions" to favor them and that is why they are saying not all stable coins are safe to use, because the rest are not backed by something that they are manipulating.  >:(

These governments also do not want any competition for their reserve currencies, because the competition will weaken the value of their reserve currencies and it will have a negative impact on their economy. Expect a lot more resistance against Bitcoin and Alt coins as they gain more and more popularity.  >:(

Guys, thank you all very much for your statements and for practically encouraging not only me, but also other forum users who could start worrying about the future of cryptocurrency due to the negative impression after such a G7 report.  I believe that we still have nothing to worry about, because despite the negative comments about cryptocurrency and the inappropriate actions of some governments to ban cryptocurrencies, many companies that will really be in demand in society will easily introduce cryptocurrencies into the daily lives of mankind.  In addition, there are countries such as Japan, which support cryptocurrency, and of course others will follow their example.  I think everyone understands why the United States government is negatively opposed to Bitcoin and other cryptocurrencies, but I am sure that the rhetoric of the US government will change after more progressive people come to power, not conservatives.  One way or another, the cryptocurrency market is constantly influenced by bad news about the cryptocurrency and we will still face a single obstacle, so I will be grateful for the continuation of the discussion of such problems.

I think this is a better quote for what you want to point out.


This type of reporting is used as a measure of misleading rather than actualization, as many of the weaknesses reported do not seem logical or can be resolved in the short term.

 - Scalability: This is a current crisis, but efforts are continuing to solve it and I expect that within 3 years we will be able to solve many problems in this direction.
 - Complex User Interfaces: Are you serious?
 - Issues in governance and regulation: I think they are right, but things will change.

I am happy that we have moved away from drugs and dark activities.

All of the issues pointed out by the report are solvable in crypto.
Volatility is due to it's lack of adoption and universal use. Though bitcoin with it's limited supply, it would go on being rarer and rarer everyday and may increase indefinitely which could  not be the case for other crypto like Libra. Scalability could be solved by implementation of Lightning network or similar improvement.
User interface are improving everyday and things are being easier. Governance need to adopt with the change.

Coins including BTC are high speculative assets and its no different to other assets as well. Its so happen that BTC is more volatile. You wouldn't invest in Stablecoin as its just a stable but of course you as trader can use it. I don't personally knew anyone who will keep USDT for too long. The only reason why you would be storing stablecoin is if you speculate the bear will take years and years and you wait for the market to cool down so you can buy back while your money still is as is the last time you store it.

There is nothing new for what I can see, they are still maintaining their posture that cryptocurrencies are not really good to be used for payments and are not a store of value, but it was to be expected, what are we waiting for? That they admit that bitcoin is better in many ways than their fiat and people should use it as a way to protect themselves from the crisis it will come, at this point I do not care what they say about bitcoin what I care about is that bitcoin keeps growing in popularity despite all of these obstacles.

No different? I can tell you one big difference. It's the first asset to be purely digital, purely transparent in terms of supply and purely verifiable when compared to all other assets.

It also doesn't just so happen that btc is volatile. It's a new asset, not yet having the time to mature. So yeah. It's going to be volatile.

I'd rather store fiat in an event of bear. What happens when your precious Tether goes to jail?

I think that G7 report is right about stable coins having a big potential. But I don't think that cryptocurrencies are not appropriate for everyday use like buying something by Bitcoin etc. . There are many people that prefers using Bitcoin instead of a fiat currency and the numbers of these people are getting bigger. On the other hand, I think that stable coins can be more appropriate to be made as local currency compared to Bitcoin or any other crypto.

Its not that simple. Stable coins can actually prove to be better than BTC, but they will centralize these coins which is basically a digital format of FIAT currencies and is the complete reverse of what BTC is trying to achieve.

The major governments will probably never support BTC, Libra etc, but their support is clearly not needed since BTC and other popular crypto continue to grow with time.

Unfortunately, what the report says is true because looking beyond sentiments, crypto currency as a means of payment is not reliable because of the volatility that is being witnessed in the market because you can sell your goods at an equivalent amount for a certain fiat value and in the next 24hours that value drops drastically to you which makes you lose because you cannot restock or increase which makes the buyer lose more from his own end.

However, the volatility is what makes the market interesting because the hope of making decent return on investment within a short period of time is a factor that is not offered in the fiat market which I feel is pulling majority of people into the market. The question about G7 report is whether they can do anything about it?

Why did not you leave a link to the report? It's an important thing to make sure we're discussing what's actually going on rather than your stance on this matter. It's especially important since when I googled it I not only wasn't able to find it, but I also found lots of articles saying the exact opposite of what you're saying about stable coins. It seems that G7 doesn't find them reliable (see here  (https://www.coindesk.com/g7-evaluates-stablecoins-as-risk-to-global-financial-stability) or here (https://www.coindesk.com/bitcoin-has-failed-but-global-stablecoins-a-threat-say-bis-and-g7)). Anyway, I've found a  report on stablecoins (https://www.bis.org/cpmi/publ/d187.pdf), and while it seems to favor them over decentralized unregulated cryptocurrencies, it still find lots of risks that have to be dealt with if these coins are to be used for serious operations. I think that it's natural for the govs to favor stablecoins over cryptos like Bitcoin because stability is what they are trying to ensure with fiat and because high volatility can indeed be a big obstacle for a coin to become used in retail, for instance. But I think that stablecoins are just trying to copy fiat, and they can collapse anytime which is actually riskier than volatile cryptos. When it's volatile, you sort of see the risks, but when it's stable, it gives a fake comfort like it will always be this way.

that is somewhat true because you should first consider day trading and remaining inside exchanges as "use case" before you can make that claim and also you should clarify that "stable coin" refers to the cryptocurrencies such as tether not libra.
remember than this report mainly means libra when it says "stable coin" which is different. it is useless with or without cryptocurrencies!

It is very logical that Stable coins are Bitcoin dependent. But every year, Stable coins gain more and more popularity and even go beyond the cryptocurrency market.

G7 report is not much different from the opinions of governments about Bitcoin and other cryptocurrencies. Of course, it is reported that Bitcoin is volatile and because of that, it is not reliable.

In my opinion, stablecoins can be controlled by third parties. That's why states are interested in this type of crypto and why everyone is afraid of Libra.
Bitcoin is safe that is why G9 skeptical of that coin

I don't know how it can affect the market, but I can agree with the part they talk about being very speculative, it happened today:

https://i.imgur.com/ZFhUCh9.png

fell $700 in a few hours

And you know what's most shocking in all this? Is hearing comments from certain people who say the price will reach $100,000 next year, this is very shocking

I regret to say that G7 report is not good for cryptocurrencies. It opposes the cryptocurrencies and I wonder if the fall of Bitcoin price from 8200 dollars to 7500 dollars is related to this report too or not. But I think there is a different reason for this fall.

If you notice that the market reacts before any news about this appears. There was also a lot of positive news about Bitcoin, but the market is still in a bad position. I think it all turned into speculative tools and nothing more.

That's what I'm thinking as well - I don't the G7 summit is actually that critical and I have the feeling it was mostly a summit to discuss the control and taxation of crypto-currencies in the future.

There's a lot of theories that the G7 summit affected price and isn't good for crypto, which I disagree with, it's just getting to the point where people like to associate the price of Bitcoin to any event that's even slightly related to it.

From the G7 conference we understood that the governments heavily favoured controllable stablecoins over the more popular option, Bitcoin, which was fair and honestly expected.

They will still surely change their stance on bitcoin because the reason why they are still classifying other coins with bitcoin is its volatility which I am not scare of, as time goes by, the usage of bitcoin will increase and demand will start becoming higher than supply and as demand becomes higher than supply, the volatility will reduced and it will become like a stable coin but at a more higher value.

I don’t see the g7 report actually affecting bitcoin negatively, provided that they don’t declare bitcoin as illegal, they only showed concern about bitcoin and other cryptocurrencies that are not stable which I am sure that their view will eventually change in the future when we are fully developed and so many world starts using it for payments and as digital asset.

It's true that we don't have any positive news or research from the government or any official end, still, there is a negative view regarding this platform and most of the countries are trying to create a lot of barriers to this platform. I think this will bring a more or less negative impact but with the change of time, this platform will get another hit, It also true that Bitcoin has already passed 10 years in a lot of negative environment, so this platform will go another multiple 10 years for sure because of it has a lot of people who believe that cryptocurrency platform will be the main of the monetary system and payment system so those news doesn't matter at all.

i have not ever seen any of these stable coins go beyond the cryptocurrency market, could you show me an example of one in real world?
the only popularity that i have seen them gain was from traders and that is because of the extreme volatility of the altcoin market and the fact that they want to use an escape route that is not changing price with bitcoin. and since over the past 2 years ever since bitcoin drops altcoins drop the best choice has been stable coins otherwise they have no purpose.

I wonder what they mean by stable coins having real potential, real potential on their hands maybe? Because in this market the only cases in which stable coins are useful is to allow you to protect yourself from the volatility of the market when you are not watching the markets closely or when you firmly believe there is going to be a decrease in the price of most coins, besides those two cases stable coins do not really have any purpose or reason to exist.

I think that the statement that stable coins have good prospects, have really selfish goals.  Considering the fact that the US government announced the creation of its own currency in the near future, which will have a stable price and which will be partially supported by the dollar, now it becomes clear why this report was talking about stable coins, while completely discrediting everything  other cryptocurrencies.  Now I’m sure that this was the reason why the market immediately fell as soon as the G7 report was released.
 But the situation has changed very quickly and since now the entire cryptocurrency market has soared by an average of 15% over the past two days, it primarily indicates that something is happening, and very large-scale.  I have never seen Bitcoin rise by $ 2,500 for 12 hours.  But analysts say this was due to a statement by the Chinese government on the legalization of blockchain.  In some higher educational institutions in China, a program for educating students on blockchain issues is already being processed.  XNET, recently released its cryptocurrency, and after a government statement, it has already skyrocketed in value by almost more than 100%.  In a few days, almost 37 billion dollars increased in the capitalization of Bitcoin.  These are truly stunning indicators.

in my opinion if cryptocurrency is used as a transaction tool in daily life it is difficult but does not rule out the possibility of happening because some projects in my country cryptocurrency can buy the goods they want but within a limited market scope.

Unambiguously for some countries, any statement by officials of the leading countries of the world cannot be an indicator.  As a resident of Ukraine, I understand that my country is more or less dependent on the countries of Europe and the USA, but nevertheless, some online resources and online stores use Bitcoin as payment without any restrictions.  At the same time, there are no prohibitions on the part of state bodies to use cryptocurrency, since in our country cryptocurrency has not yet been recognized as a financial asset.

Many report bitcoin during last year until now with cases bitcoin is bubble until report with bitcoin illegal currency payment, you right with not worry about community G7 report bitcoin because investor keep trusted with investing in crypto, bitcoin have been strong although many report later with bitcoin cases and all report rejected after bitcoin raise with higher price later.

Volatile coin had always been more problem for the government. It looks too scary and can disrupt the economy with the sudden release of huge funds by holders of any community into the respective economy. I like to know the government opinion with the utility and security tokens? I support security token and want to know the disposition of the world power to it