The Bank for International Settlements (BIS) Innovation Hub announces the launch of a series of new projects targeting various aspects of traditional cryptocurrency, including the cryptocurrency market intelligence platform and the security of the Central Bank Digital Currency (CBDC). did.
BIS’s Cryptocurrency Market Intelligence Platform will be launched under the Euro System Center Initiative, which aims to provide scrutinized data on crypto projects. One of the main drivers of project launch is the collapse of numerous stablecoin projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD). As explained in the official announcement:
“The goal of this project is to create an open source market intelligence platform to shed light on the risks to market capitalization, economic activity and financial stability.”
This move violates the norm of relying on unregulated company self-reported information regarding asset backing, transaction volume, and market capitalization data. BIS also emphasized that quantum computers can easily break the encryption used by traditional financial institutions to secure and settle payments. As a result, the Eurosystem Center project will be devoted to testing some cryptographic solutions and investigating the overall performance of traditional systems.
In addition, BIS’s Sela Initiative seeks technical solutions to enable CBDC issuance through intermediaries, while ensuring enhanced security and cost savings. The Hong Kong Center of the BIS Innovation Hub will also work with the United Nations Framework Convention on Climate Change (UNFCCC) to develop a prototype of Genesis, the second phase of the Green Finance project.
“In this new phase, blockchain, smart contracts, and other related technologies will benefit from so-called digitized mitigation outcomes (de facto carbon credits recognized under a national verification mechanism compliant with the Paris Agreement). Used for tracking, delivery, and transfer. Bonds. “
Cointelegraph recently attended the UNFCCC’s DigitalArt4Climate press conference to understand the various blockchain initiatives that actively combat climate change.
Related: Ukraine, the third country outside the EU, joins the European blockchain partnership
Ukraine has joined Norway and Liechtenstein to become the third non-EU country to participate in the European Blockchain Partnership (EBP), an initiative in which 27 member states provide cross-border public services.
Talking to Cointelegraph, Konstantin Yarmolenko, founder and CEO of Virtual Assets in Ukraine, said:
“The next step is the complete blockchain integration of Ukraine and the EU under the EBP / EBSI initiative.”