Gu Yanxi: Retail Cross-Border Payments After Libra

The G7's recent meeting issued a statement on global stablecoins, stating that "no global stablecoin project can launch until relevant legal, regulatory, and supervisory requirements are addressed." Such a statement is clearly directed at Libra. This decision is obviously a major blow to Libra's development. However, the G7's decision is not necessarily all bad news for Libra. In my view, Libra's most promising market is not in regions with existing mainstream fiat currency circulation, such as the US and European markets, but in areas where fiat currency support is weak.