The Bank for International Settlements (BIS) announced its goals and priorities for 2023 through an official post. It included various objectives such as improving payment systems, working on central bank digital currencies (CBDCs), and launching a new project to monitor stablecoins.
The BIS also called the ‘bank of central banks’, is based in Switzerland and is an international financial institution. Its decision to focus on research, development and monitoring of stablecoins in 2023 would boost the growing popularity of stablecoins and CBDCs.
‘Pyxtrial, a new project in the London Centre, aims to develop a platform to monitor stablecoin’s balance sheets. Most central banks lack tools to systemically monitor stablecoins and avoid asset-liability mismatches. The project will investigate various technological tools that may help supervisors and regulators to build policy frameworks based on integrated data,’ stated the post, referring to the new monetary project for stablecoins called Pyxtrial.
CBDC projects account for 15 out of the 26 projects for BIS in the last two years. It initially worked on wholesale CBDC projects such as Helvetia, now moving the focus towards retail projects such as Aurum, Rosalind, Polaris and Tourbillon. Its research has shown that stablecoins have enabled seamless and faster cross-border transactions, improving upon the present methods of transactions.
The Millionero team welcomes this development!