According to a newly issued Financial Stability Board Report, The Committee on Payments and Market Infrastructures wants to understand the potential of stablecoins in fulfilling their promises of cheaper and quicker transactions.
An intergovernmental group on Monday announced their probe into the role of stablecoins in reducing the cost of international money transfers. The Committee on Payments and Market Infrastructures (CPIM), which is an international body that set norms for the sector in its Financial Stability report has said that in the coming months it seeks to explore and test the scope of crypto in maintaining value against fiat.
Today, The Financial Stability Board, which has the support of Bank International Settlements (BIS) and is chaired by the President of the Netherlands’ Central Bank (NCB) is ready to set the framework for the world’s crypto rulebook and include sharper rules for stablecoins ahead of a scheduled meeting of finance ministers on Wednesday. Today, The Financial Stability Board, which has the support of Bank International Settlements (BIS) and is chaired by the President of the Netherlands’ Central Bank (NCB) is ready to set the framework for the world’s crypto rulebook and include sharper rules for stablecoins ahead of a scheduled meeting of finance ministers on Wednesday.
CPIM further in their speech elucidated their perspectives of stablecoins and their arrangements and how a well and risk-managed coin could enhance international payment standards and with the rising stablecoin sector close attention on its management would be required.
The supporters of stablecoins have stated various reasons in favor of stablecoins and their promotion including low-cost transactions etc. However, there is a sector including an August released report by the European Central Bank which has shown a more repulsive approach citing the topics of algorithms, etc.