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<ul><li>The Bank of Central Banks is willing to create a monitoring mechanism for stablecoin reserves in economies</li><li>Most of the banks lack the required tools for systematic monitoring of stablecoins</li><li>While working with CBDC, the BIS aims to create a swift and eco-friendly payment mechanism for central banks around the world</li></ul><h2 id="header-0">The Bank of International Settlement released a report sharing its vision for the coming year.</h2>This report includes the details of how the ‘Bank of Central Banks is willing to create a monitoring mechanism for stablecoin reserves in economies. The BIS has also declared that they would also work towards researching the use cases of Central Bank Digital Currencies in the coming year.BIS is aiming to leverage the CBDC technology to create an effective payment system. This will ‘improve’ the present mechanisms while also making the financial sector more secure. With this, BIS has introduced its ‘Project Pyxtrial’ to the world, which would focus on building a robust system of stablecoin monitoring. This project would be undertaken in the London branch of the BIS Innovation Hub.According to the BIS, most of the banks lack the required tools for systematic monitoring of <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-stablecoins-and-how-do-they-function" rel="noopener noreferrer nofollow">stablecoins</a>. The bank said,“The project will investigate various technological tools that may help supervisors and regulators to build policy frameworks based on integrated data.”Stablecoins are crypto tokens that are algorithmically pegged with any fiat currency, such as the U.S. Dollar or Euro. The total market capitalization of stablecoins is over $150 billion, with Tether USD having the lion’s share.While working with CBDC, the BIS aims to create a swift and eco-friendly payment mechanism for central banks around the world. With this, it aims to reduce the present state of friction in financial transactions. This aligns with the priorities of the countries working towards developing their own CBDCs, such as <a href="https://www.coingabbar.com/en/crypto-blogs-details/indias-cbdc-pilot-project-a-threat-or-a-support-system-for-upi" rel="noopener noreferrer nofollow">India</a>, China, the USA, and other significant members of G-20 nations.The BIS is also planning to work towards distributing retail CBDCs through an open API in a joint experiment with the Bank of England.<h3 id="strong-what-is-the-bank-of-international-settlements-strong">What is the Bank of International Settlements?</h3>The Bank for International Settlements, based in Basel, Switzerland, serves as a supervisory authority to central banks around the world. It achieves this by fostering a shared understanding of key issues and bringing key decision-makers together to facilitate open dialogue. The BIS ensures the standardization of international financial settlements, streamlining global cooperation and promoting economic stability.BIS has been particularly interested in cryptocurrencies and blockchain adoption in finance because of its potential effects. In December 2022, the BIS has set a limit to the Banks’ exposure to crypto reserves to 2 percent. This regulation comes with a deadline of 1st Jan 2025. During this declaration, the BIS also hinted that they were already working towards monitoring the ‘bank-related developments in the crypto asset market’.To stay updated about the future changes in global crypto regulations, keep following <a href="https://www.coingabbar.com/" rel="noopener noreferrer nofollow">CoinGabbar</a>. Do not forget to share your views in the comments down below.Also, Read - <a href="https://www.coingabbar.com/en/crypto-currency-news/wazirx-will-act-binance-exchange" rel="noopener noreferrer nofollow">WazirX Will Act Against Binance Exchange</a>

BIS to Launch Stablecoin Monitoring Project: Know the Details Here!

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