The Innovation Center at the Bank for International Settlements has launched several projects aimed at creating a platform for tracking various aspects of traditional and cryptocurrency payments.
The market tracking platform will be launched as part of the Eurosystem Centre’s initiative. It will provide various real-time information about cryptocurrency projects. One of the impetus for the creation of this system was the collapse of several stablecoin and decentralized finance projects. Of course, we are talking about the UST stablecoin and the Celsius project.
“The aim of the project is to create an open source platform for market research. It will shed light on the market capitalization of various projects, economic activity and risks to financial stability,” the announcement says.
Such a platform will allow you not to rely solely on the reports of the respective companies. In addition, according to BIS analysts, the development of quantum computers may threaten the existence of traditional cryptography, including cryptocurrencies. The new platform will take into account the corresponding risks.
In early June, BIS analysts said that the limit on the number of transactions on the blockchain would prevent cryptocurrencies from gaining an attractiveness similar to that of fiat money.
Source: Bits
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