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Home NEWS Altcoins

Stablecoins, DeFi Crash, Bank for International Settlements Establishes Cryptocurrency Market Intelligence Platform in Time

News Expert by News Expert
June 20, 2022
in Altcoins
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Stablecoins, DeFi Crash, Bank for International Settlements Establishes Cryptocurrency Market Intelligence Platform in Time
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The Bank for International Settlements (BIS) Innovation Center has announced the launch of a series of new projects targeting various aspects of traditional and cryptocurrency payments, including research into the establishment of a cryptocurrency market intelligence platform and enhanced cybersecurity for retail central bank digital currencies (retail CBDC).

The Bank for International Settlements will set up a “Cryptocurrency Market Intelligence Platform” under the promotion of the Eurosystem Centre action, with the goal of providing vetted and relevant data on cryptocurrency projects. One of the main factors driving the launch of the project was the recent collapse of stablecoin projects such as UST and decentralized financial lending platforms, prompting authorities to take action. The centre of the euro system is expected to be established within a few months in Frankfurt and Paris and will work with all 19 central banks in the euro zone and the European Central Bank (ECB).

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“The goal of this initiative is to create an open-source market intelligence platform that clearly presents market capitalization, economic activity and financial stability risks,” the agency said. The BIS pointed out that the collapse of these stablecoins and decentralized financial lending platforms underscored the One of the reasons for the difficulty in assessing their risk and economic impact is that data on asset backing, transaction volume and market capitalization for these projects are self-reported information by unregulated companies.

The BIS Innovation Centre also highlighted that it will advance cryptographic research in the post-quantum era to secure the privacy of payment systems. The agency pointed out that quantum computers can easily crack the encryption technology used by traditional financial institutions to obtain and settle payments. Therefore, the Eurosystem Center will work to test several encryption solutions and examine the overall performance of the entire traditional financial system.

In addition, the BIS’s Sela initiative will examine technical solutions that allow central bank digital currencies to be issued through intermediaries, while ensuring greater security and lower costs. The Hong Kong hub of the BIS Innovation Hub will also work with the United Nations Framework Convention on Climate Change (UNFCCC) to develop a prototype for the second phase of the green finance project Genesis. The Hong Kong Center of the Bank for International Settlements also joined hands with the Bank of Israel and the Hong Kong Monetary Authority (HKMA) to launch a new study on central bank digital currency and information security.

At the same time, the Bank for International Settlements also intends to study green bonds related to Mitigation Outcome Interests. “In this new phase, blockchain, smart contracts, and other related technologies will be used to track, transmit and transfer the benefits of so-called digital mitigation outcomes—in effect, carbon credits recognized by the Paris Agreement’s National Validation Mechanism,” the agency said. attached to the bond.”

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The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .

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