- Eurosystem Centre will examine various cryptographic options and evaluate them.
- The BIS Innovation Hub’s Hong Kong Centre will engage with the UNFCCC.
BIS is launching a cryptocurrency market intelligence portal as part of the Eurosystem Centre initiative. Traditional and crypto payments are being targeted by a new set of BIS Innovation Hub initiatives, which include an information platform for cryptocurrency markets and security for retail central bank digital currency (CBDC).
Open-source Market Intelligence Platform
The Eurosystem Centre initiative, which intends to offer validated data regarding cryptocurrency projects, will unveil BIS’ cryptocurrency market intelligence portal. The failure of multiple stablecoin initiatives and decentralized finance (DeFi) lending platforms like Terra and USDD is a major factor in the project’s beginning.
The official announcement stated:
“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.”
Traditionally, asset backing, trading volumes, and market capitalization statistics have been based on unregulated entities’ self-reported information. Additionally, the BIS emphasized the simplicity with which quantum computers may decrypt the encryption used by conventional financial institutions to safeguard and settle payment transactions. Consequently, a study at the Eurosystem Centre will examine various cryptographic options and evaluate the conventional system as a whole.
The Sela project at BIS will look at technical solutions to make CBDC issuance via intermediaries more secure and cost-effective. As part of the second phase of Genesis, the BIS Innovation Hub’s Hong Kong Centre will engage with the United Nations Framework Convention on Climate Change (UNFCCC).
The USDD stablecoins loss of its $1 peg was a big setback for the Tron ecosystem last week. Traders were alarmed by the emergence of USDD, a competitor to Terra’s UST, an algorithmic stablecoin, last month. TRX’s price fell when another identical asset was depegged.
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