BIS pointed out that many central banks do not have the means to observe stablecoins and prevent discrepancies between assets and liabilities
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The Bank for International Settlements has announced that it will be giving more attention to the testing of central bank digital currencies (CBDCs) this year through its research and development branch. Additionally, the BIS will be starting a new project to keep track of stablecoins.
The Switzerland-based organisation, known as the "bank for central banks," stated that its Innovation Hub would concentrate more on CBDCs in 2023 to advance payment systems.
The bank mentioned that its plans for the upcoming year include a new project called "Project Pyxtrial," which will be initiated by the London branch of the BIS Innovation Hub.
Project Pyxtrial aims to create a system for monitoring the financial records of stablecoins.
The bank pointed out that many central banks do not have the means to observe stablecoins and prevent discrepancies between assets and liabilities. The project will examine different technological methods that could aid supervisors and regulators in constructing policy frameworks using comprehensive data.