BIS to launch an intelligence platform for cryptocurrencies
The BIS Innovation Center announced a CBDC security and cryptocurrency market intelligence platform for retail
The Innovation Center of the Bank for International Settlements (BIS) announced the development of a set of projects focused on crypto payments, among which a cryptocurrency market intelligence platform and security of central banks digital currencies (CBDC) for retail.
With the execution of the project, it is planned to establish an “open source market intelligence platform to shed light on market capitalizations, economic activity and risks to financial stability.”
The BIS cryptocurrency market intelligence platform will enter the framework of the Eurosystem, which aims to “provide verified data on cryptocurrency projects”.
An important factor for the execution of the project is the different problems or collapses that some stablecoins and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD) have experienced.
Greater security and lower costs
The development of a market intelligence platform goes against “the norm of relying on self-reported information by unregulated companies when it comes to data on backing asset, trading volumes and market capitalization.”
The Bank for International Settlements also pointed out that quantum computers can easily break the cryptography used by traditional financial institutions to attest and settle payments. Hence, the decision to manage a Eurosystem Center project to experiment with different “cryptographic solutions and to examine the overall performance of the traditional system”.
Likewise, the institution’s Sela initiative will investigate “technological solutions to allow the issuance of CBDC through intermediaries, while guaranteeing greater security and lower costs.”
M. Rodríguez
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Source: es.cointelegraph.com
