Wednesday, September 27, 2023

BIS Innovation Hub To Launch Market Intelligence Platform

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The BIS innovation hub will launch a market intelligence platform for crypto projects and will be launched under the Eurosystem Centre Initiative to provide more vetted data for these crypto projects so let’s read more in our latest cryptocurrency news.

The BIS innovation Hub from the Bank of the International Settlements announced the launch of a new set of projects that will target various aspects of traditional and crypto payments like crypto market intelligence platforms and security for retail central bank digital currency. BIS’s crypto market intelligence platform will be launched under the Eurosystem Centre Initaitive that aims to provide vetted data for crypto projects and one of the key drivers for the project’s commencement is the crash of the stablecoin projects and the DEFI lending platforms like terra and USDD:

“The project’s goal is to create an open-source market intelligence platform to shed light on market capitalizations, economic activity, and risks to financial stability.”

The move goes against the norm of relying on self-reported information by unregulated companies when it comes to data on asset backing, market cap, and trading volumes. The BIS also outlined the ease with which quantum computers are able to break the cryptography used by traditional financial institutions and secure and settle payments. The Eurosystem Centre Project will also be dedicated to testing the cryptographic solutions and examining the performance of the traditional systems.

The BIS Sela initiative will explore technological solutions for allowing CBDC issuance via Intermediaries while still ensuring bigger security and lower costs. The BIS Innovation Hub Hong Kong center will work together with the United Nations Framework Convention on Climate Change and develop a new prototype for the second phase of the 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.”

What’s also important is that Ukraine joined the European Blockchain Partnership, becoming the third non-EU country to be a part of this initiative and try to deliver cross-border public services. The founder and CEO of Virtual Assets of Ukraine Konstantin Yarmolenko said:

“Next step is full blockchain integration of Ukraine and EU based on EBP/EBSI initiatives.”

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