The Bank of International Settlements (BIS) has announced a collaboration with major European central banks to launch Project Atlas, a groundbreaking tracking system for the burgeoning world of cryptocurrencies and decentralized finance (DeFi). The initiative will aggregate off-chain data sourced from cryptocurrency exchanges with on-chain data obtained from public blockchains via nodes. This will enable the tracing of the global spread of cryptocurrencies and provide an approximation for cross-border capital movements.The project’s findings will be instrumental in enhancing transparency, especially in light of recent events in the cryptocurrency space. Additionally, the platform offers an interactive dashboard that presents aggregated data outcomes, such as on-chain transfers and the global trajectory of funds. Central banks, in particular, stand to gain significantly from this venture, as it will empower them to gauge the relative economic importance of the cryptocurrency ecosystem in various jurisdictions.The Bank of International Settlements has ambitious plans for Project Atlas, looking beyond its current functionalities. Future development phases envision the integration of additional data sources, with a pronounced emphasis on extracting and analyzing data from the Ethereum network and other DeFi protocols.Project Atlas is a testament to international cooperation and a collective recognition of the need for enhanced oversight in the rapidly evolving digital finance world. The outcomes of the project will undoubtedly influence policymaking and regulatory decisions in the years to come, serving as a foundational pillar in the journey to ensure a more transparent and stable cryptocurrency ecosystem.

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Information	Details
Geography	Europe
Countries	🇩🇪 🇳🇱 🇫🇷
Sentiment	neutral
Relevance Score	8
People	European Central Bank, Bank of France, Deutsche Bundesbank, None, De Nederlandsche Bank
Companies	European Central Bank, Bank of International Settlements, Bank of France, Deutsche Bundesbank, De Nederlandsche Bank
Currencies	None
Securities	None