According to Group of Seven (G7), Facebook’s Libra need to be held “to the highest regulatory standards,” as they posed a threat to global financial stability. Taskforce report showed that these financial innovations can be used for money laundering and terrorism funding, as well as consumer and data protection, cyber resilience, fair competition, and tax compliance. The report admitted that stablecoins are faster and cheaper in payment mode but they should strictly be regulated to ensure they are stable, secure, and free of criminal activity.