The Financial Institution for Worldwide Settlements (BIS) Innovation Hub announced the launch of the new group of projects targeting various facets of traditional and crypto payments — together with a cryptocurrency market intelligence platform and to safeguard retail central bank digital currency (CBDC).
BIS’s cryptocurrency market intelligence platform is going to be launched underneath the Eurosystem Center initiative, which aims to supply vetted data about crypto projects. Among the key motorists for that project’s commencement may be the collapse of several stablecoins projects and decentralized finance (DeFi) lending platforms for example Terra (LUNA) and Decentralized USD (USDD). As described within the official announcement:
“The project’s goal would be to create a wide open-source market intelligence platform to reveal market capitalisations, business activities, and risks to financial stability.”
The move is the opposite of standard of counting on self-reported information by unregulated firms with regards to data on asset backing, buying and selling volumes and market capital. The BIS also highlighted the convenience that quantum computers can break the cryptography utilized by traditional banking institutions to secure and settle payments. Consequently, a Eurosystem Center project is going to be focused on testing several cryptographic solutions and analyzing the general performance from the traditional system.
Furthermore, BIS’s Sela initiative will explore technological solutions for allowing CBDC issuance via intermediaries while making certain greater security minimizing costs. The BIS Innovation Hub’s Hong Kong Center may also collaborate using the Un Framework Convention on Global Warming (UNFCCC) to build up the prototype for that second phase of their eco-friendly finance project, Genesis:
“In this latest phase, blockchain, smart contracts and other associated technologies is going to be employed for the tracking, delivery and change in so-known as digitised Minimization Outcome Interests – de facto carbon credits recognised under national verification mechanisms compliant using the Paris Agreement – mounted on a bond.”
Cointelegraph lately attended the UNFCCC’s DigitalArt4Climate press conference to know the different blockchain initiatives that positively fight global warming.
Related: Third non-EU country, Ukraine, joins the ecu Blockchain Partnership
Ukraine became a member of Norwegian and Liechtenstein to get the 3rd non-EU country to participate the ecu Blockchain Partnership (EBP), an initiative derived by 27 member states to provide mix-border public services.
Talking with Cointelegraph, Konstantin Yarmolenko, the founder and Chief executive officer of Virtual Assets of Ukraine stated:
“Next step is full blockchain integration of Ukraine and EU according to EBP/EBSI initiatives.”
