The Bank of International Settlements (BIS) has developed a proof of concept (PoC) called Project Atlas to track on-chain and off-chain transactions from cryptocurrency exchanges and public blockchains including Bitcoin. Working with the Deutsche Bundesbank, De Nederlandsche Bank, European Central Bank and the Bank of France, the project aims to provide insights, information and economic implications of the sector.The initial approach uses transactions attributed to centralized exchanges in the Bitcoin network, along with the location of those exchanges as a proxy for cross-border capital flows. The methodology notes that flows are likely lower-bound estimates of actual transaction volumes, given that the country location of exchanges is not easily discernible. Nevertheless, Project Atlas’ initial pilot indicates that inter-exchange are “significant and substantial economically.”In its current iteration, Project Atlas features a front end showcasing dashboards which visualise the results of data aggregation and analysis, including on-chain transfers as well as global movement of funds. The PoC is set to provide an overview of cross-border flows and will provide a means for Central Banks to evaluate the relative economic significance of the cryptocurrency ecosystem across different jurisdictions.The project is set to continue incorporating more data sources to move into the next phase of development, while extracting and analyzing data from Ethereum network nodes is also in the pipeline as well as DeFi protocols.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇩🇪 🇳🇱 🇫🇷 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | European Central Bank, Bank of France, Deutsche Bundesbank, Chainalysis., De Nederlandsche Bank |
| Companies | European Central Bank, Bank of International Settlements, Bank of France, Deutsche Bundesbank, De Nederlandsche Bank |
| Currencies | Ethereum, Bitcoin, Terra Luna Classic, Euro |
| Securities | None |
