The Bank for International Settlements (BIS) Innovation Hub announced the launch of a new set of projects targeting various aspects of traditional and crypto payments — including a cryptocurrency market intelligence platform and security for retail central bank digital currency (CBDC).
BIS’s cryptocurrency market intelligence platform will be launched under the Eurosystem Center initiative, which aims to provide vetted data about crypto projects. One of the key drivers for the project’s commencement is the Collapse of numerous stablecoins projects and decentralized finance (DeFi) lending platforms such as Terra (LUNA) and Decentralized USD (USDD). As explained in the official announcement:
“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.”
The move goes against the norm of relying on self-reported information by unregulated firms when it comes to data on asset backing, trading volumes and market capitalization. The BIS also highlighted the ease with which quantum computers can break the cryptography used by traditional financial institutions to secure and settle payments. As a result, a Eurosystem Center project will be dedicated to testing several cryptographic solutions and examining the overall performance of the traditional system.
Moreover, BIS’s Sela initiative will explore technological solutions for allowing CBDC issuance via intermediaries while ensuring greater security and lower costs. The BIS Innovation Hub’s Hong Kong Center also wants to collaborate with the United Nations Framework Convention on Climate Change (UNFCCC) to develop the prototype for the second phase of its green finance 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 digitized mitigation outcome interests – de facto carbon credits recognized under national verification mechanisms compliant with the Paris Agreement – attached to a bond.”
Cointelegraph recently attended the UNFCCC’s DigitalArt4Climate press conference to understand the various Blockchain initiatives that actively fight climate change.
Related: Third non-EU country, Ukraine, joins the European Blockchain Partnership
Ukraine joined Norway and Liechtenstein to become the third non-EU country to join the European Blockchain Partnership (EBP), an initiative derived by 27 member states to deliver cross-border public services.
Speaking to Cointelegraph, Konstantin Yarmolenko, the founder and CEO of Virtual Assets of Ukraine said:
“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”
