The Bank for International Settlements (BIS) proposes that the basic principles determined to ensure the secure and uninterrupted operation of payment systems are also applied to stablecoin systems.
In a consultation document released Wednesday by the Committee on Payments and Market Infrastructures (CPMI) within the BIS and the International Organization of Securities Commissions (IOSCO), stablecoin systems are in line with the Principles for Financial Market Infrastructures. how to be evaluated recommendations were made.
In the statement, it is stated that the transfer mechanism used in stablecoin systems is a part of financial market infrastructure (FPA) was specified.
The European Central Bank defines stablecoin systems as payment systems that allow stablecoin holders to transfer value between themselves.
by CPMI and IOSCO. Principles Regarding Financial Markets Infrastructures; for payment systems, securities settlement systems, central counterparties, central depositories and data warehouses international standards determines.
In the document; systemic importance covered by the FPA in stablecoin systems that supply management, infrastructure for comprehensive risk management, finality of consensus and money settlement It is suggested that the relevant standards can be observed.
Systemically important financial institutions; when they fail, due to their large structure and connection to the financial system throughout the financial system financial institutions that can cause problems. CPMI and IOSCO, stablecoin systems whether it is of systemic importance. states that it can be determined by the relevant authorities.
stablecoin systems; Due to factors such as the fact that it can accommodate the use of settlement assets that can neither be counted as central bank money nor private money, and the level of decentralization it can have in terms of administration style. different from existing financial market infrastructures may be emphasized.
CPMI and IOSCO called for comments on the questions listed in the consultation document. Comments on the subject can be sent to CPMI or IOSCO secretariats until 1 December 2021.