The BIS publishes a study on CBDCs and their role in the financial inclusion of the unbanked
The Bank for International Settlements Center for Innovation has announced the launch of a new set of projects focused on various aspects of traditional and crypto payments, including a market intelligence platform of cryptocurrencies and security of central bank digital currencies CBDC for retail.
The BIS Cryptocurrency Market Intelligence Platform will be launched under the Eurosystem Center initiative, which aims to provide hard data on cryptocurrency projects.
One of the key factors for the start of the project is the collapse of numerous stablecoin projects and decentralized finance - DeFi lending platforms such as Terra - LUNA and Decentralized USD - USDD.
The goal of the project is to create an open source market intelligence platform to shed light on market capitalizations, economic activity, and risks to financial stability.
The BIS also highlighted the ease with which quantum computers can break the cryptography used by traditional financial institutions to secure and settle payments. For this reason, a Eurosystem Center project will be dedicated to testing various cryptographic solutions and examining the overall performance of the traditional system.
The move goes against the norm of relying on self reported information by unregulated companies when it comes to data on asset backing, trading volumes and market capitalization.
Loading
Comments