Today the BIS Innovation Hub shared the results of its first proof of concept as part of Project Atlas. It aims to create a data platform for crypto and DeFi enabling central banks worldwide to analyze crypto-asset data. A first iteration focused on cross border flows of Bitcoin. It will also help to highlight cryptocurrency exchanges that inflate their activity. The central banks of the Netherlands and Germany participated in the project.
The BIS already publishes considerable data about all sorts of cross border flows. Hence, its desire to track crypto is consistent with the BIS’s role in macroeconomics. While the crypto-asset flows are insignificant for most countries, for some jurisdictions crypto flows might be substantial. That’s probably for countries with weak currencies.
“Atlas leverages the diverse skills of an inter-disciplinary team including developers and economists,” said Olaf Sleijpen, Executive Board Member at De Nederlandsche Bank. “It is great to see what the team has accomplished. Project Atlas could be a valuable tool for the central banking community for years to come.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
