The Bank for International Settlements (BIS) Innovation Hub recently announced the launch of an interesting set of projects that would be targeting multiple aspects of crypto and traditional payments. This would also include a cryptocurrency market intelligence platform along with security for retail central bank digital currency.
The cryptocurrency market intelligence platform will be created and envisaged under the initiative of the Eurosystem Center- which does aim at providing vetted data about quite a few crypto projects. One of the major facets for the commencement of this project would be the collapse of quite a few stablecoin projects and DeFi platforms like TerraLUNA.
BIS To Bring Market Intelligence Platform In The Crypto Sphere
In an official announcement from BIS, it was announced that the goal of the project was to bring about an open-source market intelligence platform that would be shedding light on economic activity, market capitalizations, and severe risks to financial stability. This move definitely moves against the usual norm of relying on self-reported information by a multitude of unregulated firms when it comes to data on trading volumes, asset backing, and market capitalization.
Also, it is being understood that the SELA Initiative of BIS would be exploring a large section of the technological solutions that would allow CBDC issuance through intermediaries all the while ensuring lower costs and greater security.
The Innovation Hub of BIS in Hong Kong Centre would also be collaborating with the United Nations Framework Convention on Climate Change that would develop the prototype for the second phase of its green finance project- Genesis. The official statement maintained that in the new phase, all forms of smart contracts, blockchain, and other related technologies would be used for the delivery, transfer, and tracking of digitized Mitigation Outcome interests.