G7WorkingGrouponStablecoinsInvestigatingtheimpactofglobalstablecoinsOctober2019InvestigatingtheimpactofglobalstablecoinsiContentsExecutivesummary...................................................................................................................................................................ii1.Introduction..............................................................................................................................................................11.1Thestablecoinecosystem.........................................................................................................................21.2Improvingpaymentsystemsandservices..........................................................................................32.Challengesandrisksforpublicpolicy,oversightandregulation.......................................................52.1Legal,regulatory,oversightandpublicpolicyissuesregardlessofscale..............................52.1.1Legalcertainty.......................................................................................................................................52.1.2Soundgovernance..............................................................................................................................62.1.3Financialintegrity(AML/CFT)..........................................................................................................72.1.4Safety,efficiencyandintegrityofpaymentsystems.............................................................72.1.5Cyberandotheroperationalriskconsiderations....................................................................82.1.6Marketintegrity....................................................................................................................................92.1.7Dataprotection....................................................................................................................................92.1.8Consumer/investorprotection........................
