CPMI: Existing stablecoins do not fully comply with relevant regulatory requirements

The Committee on Payments and Market Infrastructures (CPMI), which sets regulations for the industry for the Bank for International Settlements, said in a report that existing stablecoins are not yet fully compliant with relevant regulatory requirements, and even if they exist, they may not be useful for cross-border payments. Very helpful. Additionally, CPMI said stablecoins could “open up opportunities” for cross-border transfers by speeding up transactions and reducing costs, but the potential disadvantages may outweigh the benefits. “Challenges may include coordination, competition, network size and market structure, as well as the lack of internationally consistent and effective regulation and oversight.” (CoinDesk)