Finance & Economics

Bank for International Settlements to Step Up Work on Monitoring of Stablecoins

The Bank for International Settlements has published a plan for the development of its network of innovation hubs for 2023, which, among other things, provides for active monitoring of stablecoins on an ongoing basis.

Bank for International Settlements to Step Up Work on Monitoring of Stablecoins

Source: Pixabay.com

The bank’s innovation center called BIS, which was established in 2019 to conduct research on the specifics and prospects of new directions in the field of financial technologies, has a network of hubs located in Asia, North America, and Europe. Currently, employees of these hubs are working on 26 projects.

This year, the bank’s innovation center will step up activities to improve payment systems and increase the pace of experiments with CBDC. Will be intensified work to create a set of tools for regulation and supervision in the field of financial technologies. Also, the areas of activity of the hubs this year will be greening and ensuring the security of the financial sector.

A new project in the London hub called Pyxtrial aims to create a platform for monitoring the balances of stablecoins. BIS states that currently, the central banks of most countries of the world do not have the tools sufficient to carry out systematic control over the turnover of stablecoins and promptly prevent an imbalance of assets and liabilities.

Within the framework of the London hub project, various technological tools that can be used by supervisory and regulatory authorities when creating systems for monitoring processes in the financial sector will be considered.

The innovation center also seeks to increase the level of integration of its global network with inter-center projects, such as Mariana, which connects Singapore, Switzerland, and future Eurosystem hubs.

The main hub of the Eurosystem, created jointly by the European Central Bank, the Bundesbank, and the Bank of France, will be opened in the near future and will work with all central banks in the Eurozone.

As we have reported earlier, NAB to Release Its Stablecoin.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.