BIS, EU central banks building data platform to track crypto, DeFi flows

The Bank of International Settlements (BIS) has actually established a proof of idea (PoC) for a system tracking on-chain and off-chain deals from cryptocurrency exchanges and public blockchains consisting of Bitcoin.Working with the Deutsche Bundesbank, De Nederlandsche Bank, European Central Bank and the Bank of France, BIS has actually revealed a successful PoC called Project Atlas that intends to gauge the macroeconomic relevance of cryptocurrency markets and decentralized finance (DeFi) protocols.The BIS Innovation Hub released information of the concept which intends to provide insights, information and economic ramifications of the sector, mentioning a lack of transparency and possible risks to monetary stability identified by high-profile failings in the crypto-space like the Terra/LUNA algorithmic stablecoin collapse in 2022. Task Atlass very first proof of concept intends to track off-chain and on-chain information from public blockchains and cryptocurrency exchanges. Source: BIS Project AtlasThe project combines off-chain data from cryptocurrency exchanges with on-chain information from public blockchains collected by nodes.

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