Citing increased interest from G20 central banks, the BIS will push forward with CBDC research and development in 2023 and will also experiment with monitoring stablecoins.
The Bank for International Settlements will heighten focus on experimenting with Central Bank Digital Currencies this year via its research and development arm and will also launch a new project to monitor stablecoins.
On Feb. 7, the Switzerland-based so-called “bank for central banks” announced its Innovation Hub will"increase its focus" on CBDCs in 2023 to improve payment systems.its work schedule for the year ahead also includes “Project Pyxtrial,” which it described as a new experiment being launched by the London branch of the BIS Innovation Hub to enable the “systemic monitoring of stablecoins.”
Pyxtrial will develop a platform to monitor the balance sheets of stablecoins. The bank noted that most central banks lack the tools to “systemically monitor stablecoins and avoid asset-liability mismatches,” before adding: “The project will investigate various technological tools that may help supervisors and regulators to build policy frameworks based on integrated data.”
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