BIS aims to develop a solution that provides correct data about a crypto project's asset backing, trading volumes and market capitalization.
“The project's goal is to create an open-source market intelligence platform to shed light on market capitalisations, economic activity, and risks to financial stability.”
The move goes against the norm of relying on self-reported information by unregulated firms when it comes to data on asset backing, trading volumes and market capitalization. The BIS also highlighted the ease with which quantum computers can break the cryptography used by traditional financial institutions to secure and settle payments.
Moreover, BIS’s Sela initiative will explore technological solutions for allowing CBDC issuance via intermediaries while ensuring greater security and lower costs. The BIS Innovation Hub’s Hong Kong Centre will also collaborate with the United Nations Framework Convention on Climate Change to develop the prototype for the second phase of its green finance project, Genesis:
“In this new phase, blockchain, smart contracts and other related technologies will be used for the tracking, delivery and transfer of so-called digitised Mitigation Outcome Interests - de facto carbon credits recognised under national verification mechanisms compliant with the Paris Agreement - attached to a bond.”
Cointelegraph recently attended the UNFCCC’s DigitalArt4Climate press conference to understand the various
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