Supervision will be carried out by the bank’s research and development department, whose main task will be to improve payment systems by carefully studying the digital currencies of the Central Bank in 2023. The monitoring project is called Pyxtrial and launched by the London branch of the BIS Innovation Hub. It will reportedly be a stablecoin balance tracking platform designed to give banks a tool to track stablecoins and prevent asset-liability mismatches.
As part of the project, BIS intends to explore technological tools that can help supervisory and regulatory authorities do their work based on integrated data.
BIS reported that about 15 out of 26 projects active over the past two years fall on the digital currencies of the Central Bank. The bank is trying to raise awareness of other central banks about the technology. The emphasis on this, the statement says, reflects the interests and priorities of central banks and the programs of the G20 countries to improve cross-border payments.
Earlier, the Bank for International Settlements published recommendations aimed at eliminating risks in cryptocurrency. Prohibition, isolation, regulation – such options for the crypto industry are seen by experts.