EU central banks and BIS are developing a data platform to monitor cryptocurrency and DeFi flows.
The Bank for International Settlements, in collaboration with several prominent European central banks, is in the process of constructing a sophisticated system designed to monitor the global movements of cryptocurrencies. The Bank for International Settlements (BIS) has recently unveiled a proof-of-concept (PoC) for a cutting-edge system aimed at tracking both on-chain and off-chain transactions originating from cryptocurrency exchanges and public blockchains, including the pioneering Bitcoin network. In a collaborative effort with the Deutsche Bundesbank, De Nederlandsche Bank, the European Central Bank, and the Bank of France, the BIS has proudly announced the successful culmination of Project Atlas, a PoC endeavor geared towards assessing the macroeconomic significance of cryptocurrency markets and de central ized finance (DeFi) protocols. The BIS Innovation Hub has divulged comprehensive details of this groundbreaking concept, which strives to offer invaluable insights, infor...