Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Central bank test lab develops global bitcoin mapping system

Cryptocurrency Investment Strategies: Tips for Beginners
Photo: Geralt Photo: Geralt
Cryptocurrency Investment Strategies: Tips for Beginners
Photo: Geralt Photo: Geralt

Listen to the article now

A worldwide central bank test lab has created a prototype Bitcoin surveillance system to give regulators a clearer view of how, when, and where the cryptocurrency is used.

The Bank for International Settlements (BIS) initiative, code-named Atlas, started at the Dutch central bank more than five years ago. Still, during the last 18 months, several disorderly failures in the cryptocurrency sector have highlighted its potential worth.

Atlas developed a “proof of concept” platform that collects information from crypto ledgers that are accessible to the general public (“on-chain”) as well as less accessible (“off-chain”) information provided by a select few exchanges and users.

The data then gives a broad picture of Bitcoin activity. However, it is not always exact because cryptocurrency wallets can be created anonymously without the owner indicating a location. The BIS acknowledged the “uncertainty” but stated that an early study of the data gathered by the platform “indicates that cross-border flows are substantial in economic terms and unevenly distributed across geographical regions.”

Regulators are growing more worried that cryptocurrencies pose a danger due to their decentralized character, particularly in light of the collapse of the FTX platform and the widely-used stablecoin pair Luna and TerraUSD last year.

The BIS’s “innovation hub” prototype creates “dashboards” that display data like how many bitcoins are being changed into US dollars at specific times in specific regions. As they gain or lose popularity, they can also offer information about the adoption and relative significance of the crypto markets.

According to the BIS, central banks should pay close attention to cross-border crypto flows when considering cross-border payments, economic analysis, and balance of payments statistics.

They could make up a sizeable portion of cross-border transfers for some nations. However, it is difficult to estimate them now due to data shortages. The risks and opportunities that crypto and DeFi provide to the financial system must be better understood by central banks, according to the BIS.

It was stated that a set of “test” central banks would now have access to the dashboards to get input and continue development.


Comment Template

You May Also Like

Cryptocurrencies

An increasing number of parents are using Bitcoin as an alternative to traditional college savings plans, driven by optimism about its growth potential and...

Cryptocurrencies

Elon Musk envisions revolutionizing government through blockchain technology, aiming to reduce inefficiencies, improve transparency, and modernize public administration. By leveraging blockchain's decentralized architecture for...

Cryptocurrencies

Donald Trump’s unexpected transformation from crypto critic to advocate has reshaped perceptions of digital assets. His administration’s pro-blockchain stance, regulatory initiatives, and political strategy...

Cryptocurrencies

Ivanka Trump warns investors about a fraudulent cryptocurrency, $IVANKA, falsely linked to her name. Highlighting the dangers of meme coins, she urges caution amidst...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok