BIS plans on launching cryptocurrency market intelligence platform
By Bob Garcia
As the market behaves erratically, the BIS wants consumers to understand what’s happening
The Bank for International Settlements (BIS) Innovation Center has announced the launch of a new set of projects focused on various aspects of crypto and traditional payments. The project has been joined by a cryptocurrency market intelligence platform and central bank digital currency security (CBDC) for retail. The news comes at a time of a stablecoin and decentralized finance (DeFi) collapse previously announced in Americas Cardroom.
The BIS cryptocurrency market research platform is being launched as part of the Eurosystem Center’s initiative aimed at providing verified data on cryptocurrency projects. According to the announcement, one of the main reasons for starting the project is the collapse of numerous stable coin projects and DeFi platforms ranging from Terra (LUNA) to decentralized USD (USDD).
“The goal of the project is to create an open-source market intelligence platform to shed light on market capitalization, economic activity, and risks to financial stability,” the official announcement explains. The move breaks the norm of relying on self-reported information from unregulated firms for data backing assets, market capitalization, and trading volume.
BIS also made it clear that quantum computers have a great facility for cracking the cryptography used by traditional financial institutions to secure and process payments. This being the case, a Eurosystem Center project will be tasked with testing various cryptographic solutions and examining the overall performance of the legacy system.