According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.”

https://www.zerohedge.com/news/2019-07-18/libra-will-upset-world-economy-if-it-isnt-regulated-tightly-g7-warns


What kind of "democratic control" are central banks subject to?

 

Stable coins increase convenience when working with cryptocurrency. It is convenient to withdraw funds from a coin or token, which began to fall in price. It is always a kind of buffer between cryptocurrency and fiat, or between separate types of cryptocurrency, if there are no direct trading pairs or funds, for various reasons, you need to hold it for a while until a certain date or event.

Very true

Reasons People Use Stablecoins

1. Exchanges: Cryptocurrency traders can reduce their exposure to Bitcoin by selling their Bitcoin for stablecoins. This allows traders to keep their wealth on an exchange without converting back into fiat. This is useful for two reasons.
First, many exchanges take days to convert fiat into crypto, which means investors must wait to trade.
Second, converting back into fiat means a tax bill is coming soon, since most exchange on- and off-ramps now require KYC-AML.

2. ...
3. ...

https://ingoldwetrust.report/wp-content/uploads/2019/05/In-Gold-We-Trust-2019-Extended-Version-english.pdf
p247

Minting means creating new coins.
Redemption is the opposite of minting: through redemption coins disappear.

Stablecoins get redeemed by getting exchanged for what they are backed with.
If they are backed by US dollars, redemption means exchanging them for US dollars.
If they are backed by oil, redemption means exchanging them for oil.

 

This type of cryptocurrency is developed as the most stable and non-volatile type of crypto-assets.

It depends on what we mean by stability.
A Stablecoin is as stable as what is backing it.
Is the US dollar the most stable currency? I wouldn't think so.
The US dollar is losing purchasing power (inflation) more quickly than, say, the Singapore dollar, or the Euro.

But I see the picture in this OP is a picture from Binance, is Binance going to launch a stable coin ?

There you go 

Binance Confirms Stablecoin Offering Coming Soon

Binance, the top crypto exchange by adjusted trading volume, has confirmed it will soon issue its own stablecoins.

In a phone interview with Bloomberg, Binance’s chief financial officer, Wei Zhou, said the first stablecoin will be launched on the platform “in a matter of weeks to a month or two.”

According to Zhou, the token will be called Binance GBP, which will be fully backed by reserves of British pounds. More coins tied to other fiat currencies will follow, he said, while Binance will also work with partners wanting to issue their own stablecoins on the exchange’s native blockchain, Binance Chain.

https://www.coindesk.com/binance-confirms-stablecoin-offerings-coming-soon-report

28th June 2019
Kinesis, Indonesian Government Postal Service (POS Indonesia), the world’s third largest Post Office and OZL Liechtenstein, to launch the first and only purpose-built bullion vault in Indonesia

https://kinesis.money/en/company-news/kinesis-launches-first-purpose-built-bullion-vault-in-indonesia/

To that news, there is now some follow up

Kinesis, ABX and JFX Partner to create Sharia Gold Contracts in Indonesia, Asia’s first Sharia-compliant allocated physical bullion exchange.

Today, Indonesia has a population of over 264 million, with over 65% of the population being either “unbanked” or “under-banked”.

However, the vast majority of Indonesians have active internet and mobile access.
Indonesia currently sits as the largest economy in Southeast Asia, the world’s ninth largest economy and one of the fastest-growing emerging markets in the world.
With a burgeoning middle class and a median population age of under 35 years, Indonesia has the infrastructure to become a hub for technological and financial innovation.

Currently, gold is a major asset for saving and investment in the region, as it’s historically seen as one of the safest and most reliable stores of value available.
With 225 million (87%) of the country’s citizens following the Islamic faith, many follow Sharia Law in which gold is proclaimed a legal investment, which increases the local demand for the asset.

PT POS Indonesia is the state-owned postal service in Indonesia and third largest postal service in the world, in terms of number of offices and sales outlets (over 58,000). In addition to delivering postal services, they are also the largest non-bank financial institution in Indonesia, providing payments, cross border remittances, micro-loans and other financial services.

https://kinesis.money/en/company-news/creating-asias-first-sharia-compliant-bullion-exchange/

The ultimate gold-backed cryptocurrency directory

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Since the advent of bitcoin in 2009, cryptocurrencies have been always criticized for not having a physical backing. Also, the lack of a central authority controlling issuance and supply has rendered the value of cryptocurrencies questionable by financial experts. Add to all of this the high volatility levels of cryptos which is one of the main obstacles hindering mass adoption of cryptocurrencies.
 
To mitigate these challenges, the concept of gold-backed cryptocurrency has emerged. These currencies operate in a similar fashion to traditional cryptocurrencies, except that they are backed by tangible gold, via allocated or unallocated gold storage. Stablecoins are a form of asset backed cryptocurrency which was developed to address crypto’s extreme price swings.

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Before investing in gold-backed cryptocurrency, ask yourself, “Is this gold coin worth what they say it is?” Familiarize yourself with the value of gold, so you know if a gold coin price is based on actual market value. If the price is too far above or below the gold standard price, you are likely looking at a scam.

https://www.cointelligence.com/content/gold-backed-cryptocurrency/

Quote from: owej90 on July 04, 2019, 05:11:30 PM

I haven't met a Libra lover yet.
70% Libra haters
30% neutral about Libra per se but it will be good for cryptos as it will foster cryptos adoption
After its launch, the whole world will use Libracoins 

It is quite funny. Most people don't like Libra because it is a stable coin. As you know, almost 90% of people in crypto space prefer to choose coins with high volatility because of the chances to gain big profits. While Libra will have low volatility. That's the reason.

I agree,
point is, 90% of people in crypto space who prefer to choose coins with high volatility because of the chances to gain big profits ... have an FB account! 


They will keep on using high volatility cryptos to gain big profits (or lose them)
They will use Libra for everyday transactions