Bank of international calculations (BIS), which regulates and coordinates the work of the Centrobanks of 60 developed countries, called to give cross-border payments in stablecoin on outsourcing.
The position of BIS is justified that states will not be able to establish cross-border payments of CBDC's released digital sovereign currencies.
The first stablokin was released by Tether, attached tokens to Bitcoin blockchain through the omni second-level protocol.
Now Tether USD releases 8 blockchains, the largest emission deployed on Ethereum, USDT capitalization is ranked third. Centrobanks can't use public blockchain, so they'll have to build their own infrastructure.
According to BIS research, the cost of spending equipment and maintaining cross-border payments is not subjected to calculations, but is unequivocal for a separate state, including China and the United States.
The creation of the digital market Forex is the effort of all countries, at least, the Great Twenty. BIC experts say that even in this case the system will not give the necessary translation speed, which means it will not be able to replace SWIFT and other traditional cross-border networks.
Besides spending, there's a more important thing like security payments. Any bug successful hacking attack could turn around the loss of global reputation for a state or even worse, international payment system.
BIS is in the report that you can create an impeachable and reliable blockchain of cross-border payments soon. The global economy in terms of incurred losses from the coronavirus pandemic, needs fast and cheap digital payments. These problems can solve commercial projects on the launch of stablecoins.
It is much easier for centers to develop a legal basis for regulating projects, like Libra, which are able to solve the cross-border transfers problem of stackowns right now. BIS will uphold this position at the G20 summit in October.
The Libra Association is a Facebook idea that developed a blockchain for six stubbles of major currencies. Token Libra, attached to a basket of these currencies, caused an eradication of huge force, on the part of the US Congress and the EU. They counted that the spread of stains and tokens in social media with 2 billion users, would destroy tools of monetary and credit policy of states.
A landfill is open in Switzerland to create a sovereign world cryptocurrency.