The Bank for International Settlements Innovation Hub announced that a new set has been launched. These projects will target various aspects of traditional and cryptocurrency payments, including a crypto market intelligence platform and security for central bank digital currency (CBDC).
The Eurosystem Centre initiative will see BIS’s crypto market intelligence platform launched. It aims to provide verified data on crypto projects. The collapse of many stablecoins projects, decentralized finance (DeFi), lending platforms like Terra (LUNA), and Decentralized USD(USDD) are key factors in the project’s launch. The official announcement explains:
“The goal of the project is to create an open-source platform for market intelligence to shed light on market capitalisations and economic activity as well as risks to financial stability.
This is a departure from the current practice of using self-reported information provided by unregulated companies when it comes to data such as asset backing, trading volumes, and market capitalization. BIS also pointed out the ease quantum computers can crack the cryptography used to settle and secure payments by traditional financial institutions. A Eurosystem Centre project will test various cryptographic solutions and examine the performance of the existing system.
BIS’s Sela initiative, meanwhile, will examine technological solutions to allow CBDC issuance through intermediaries while providing greater security and lower cost. BIS Innovation Hub’s Hong Kong Centre is also working with UNFCCC to create the prototype for Genesis 2, the second phase of their green finance project.
“In this new phase blockchain, smart contracts, and other related technologies are used to track, deliver, and transfer so-called digitalised Mitigation Outcome Intents (de facto carbon credits) under national verification mechanisms compliant the Paris Agreement. They will be attached to bonds.”
Cointelegraph attended the UNFCCC’s DigitalArt4Climate conference to learn more about the different blockchain initiatives that are actively fighting climate change.
Related: Ukraine joins the European Blockchain Partnership as a third non-EU country
Ukraine joined Liechtenstein and Norway to become the third non EU country to join European Blockchain Partnership (EBP). This initiative was developed by 27 member countries to provide cross-border public service delivery.
Konstantin Yarmolenko (founder and CEO of Virtual Assets of Ukraine), spoke to Cointelegraph:
“The next step is complete blockchain integration of Ukraine with EU, based on EBP/EBSI Initiatives.”