Global payment regulatory body CPMI: The disadvantages of cross-border use of stablecoins outweigh the benefits
ChainCatcher news, according to CoinDesk, the Committee on Payments and Market Infrastructures (CPMI), an international standards-setting organization, stated in a report on Tuesday that no stablecoin currently fully meets the relevant regulatory requirements, and even if stablecoins exist, they may not significantly aid cross-border payments.Stablecoins can bring "opportunities" for cross-border transfers by speeding up transaction times and reducing costs, as supporters claim, but the potential downsides may outweigh the benefits. The report noted that "challenges may include coordination, competition, network scale and market structure, as well as a lack of international consistency and effective regulation, oversight, and supervision."