The Bank for International Settlement (BIS) Innovation Hub has announced the launch of a cryptocurrency market intelligence platform and security for retail central bank digital currencies (CBDC).
The Eurosystem Centre initiative, which intends to provide validated data regarding crypto projects, will debut the BIS’s cryptocurrency market intelligence portal. The failure of multiple stablecoin projects and decentralized finance (DeFi) lending systems, such as Terra (LUNA) and Decentralized USD, is one of the primary catalysts for the project’s launch (USDD). As stated in the official statement:
“The project’s goal is to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability.”
When it comes to asset backing, trading volumes, and market capitalization, the action goes against the tradition of relying on self-reported data by unregulated entities. Quantum computers can easily break the cryptography employed by traditional financial institutions to safeguard and settle payments, according to the BIS.
As a result, a Eurosystem Centre project will be dedicated to evaluating the overall performance of the old system and testing several cryptographic solutions.
Furthermore, the BIS’ Sela effort will look into technical solutions that will allow CBDCs to be issued through intermediaries while maintaining improved security and cheaper prices. The BIS Innovation Hub’s Hong Kong Centre will also engage with the UNFCCC to produce a prototype for the second phase of its green financing project, Genesis:
“In this new phase, blockchain, smart contracts and other related technologies will be used for the tracking, delivery and transfer of so-called digitised Mitigation Outcome Interests – de facto carbon credits recognised under national verification mechanisms compliant with the Paris Agreement – attached to a bond.”
Cointelegraph recently attended the United Nations Framework Convention on Climate Change’s DigitalArt4Climate press conference to learn more about the different blockchain initiatives that are actively combating climate change.
Ukraine has joined the European Blockchain Partnership (EBP), which was founded by 27 member states to provide cross-border public services. It joins Norway and Liechtenstein as the third non-EU country to do so.
Konstantin Yarmolenko, the creator and CEO of Virtual Assets of Ukraine, told Cointelegraph:
“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”
