BIS platform to provide reviewed data on stablecoin projects
The Bank of International Settlements, basically a bank for central banks, is planning to launch a market intelligence platform, among other projects, that will provide reviewed data on stablecoin projects
The BIS wants to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability, particularly in the wake of stablecoin collapses
The market intelligence platform is one of three BIS-led crypto projects that will be run by its European Centre
Other BIS research projects include research into securing the privacy of payments systems using cryptography, cybersecurity features for retail CBDCs, and using the blockchain to track green bonds and carbon credits.
The market intelligence platform, one of the projects, is to be launched under the European Centre, with locations in Frankfurt and Paris, and working together with all 19 euro area central banks and the European Central Bank.
Referring to its platform, the BIS said the recent collapse of a few stablecoin projects and decentralised finance (DeFi) platforms has highlighted the need for transparency in assessing their risk and potential. “One reason is that most data on asset backing, trading volumes and market capitalisation is self-reported by unregulated firms,” the BIS noted.
Many in cryptocurrency believe that a well-regulated crypto industry will protect investors and create a roadmap for adoption going forward.
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