The Bank for International Settlements (BIS) has released a report asserting that stablecoins do not qualify as true currencies. According to The Block, the BIS argues that stablecoins lack the necessary characteristics of a reliable monetary system. The report highlights three key areas where stablecoins fall short: uniformity, resilience, and integrity. They often fail to maintain a consistent exchange rate, lack the flexibility to adjust issuance volume effectively, and struggle with standardized crime prevention guidelines. Furthermore, the BIS warns that widespread adoption of stablecoins could jeopardize the monetary sovereignty of nations, potentially fostering criminal activities and creating systemic risks for the global financial landscape. The BIS emphasizes the need for robust regulatory frameworks to mitigate these potential dangers and safeguard the stability of the international financial system. ```