Bank for International Settlements and European Central Banks Collaborate on Crypto and DeFi Tracking System
The Bank of International Settlements (BIS) is teaming up with central banks in Europe to create a tracking system for cryptocurrencies and decentralized finance (DeFi). This initiative, called Project Atlas, aims to provide insights into the macroeconomic significance of crypto assets and DeFi.
Project Atlas will combine off-chain data (data not extracted from ledgers) and on-chain data (data gathered from public blockchains) to generate new statistics and validate existing information. The platform will gather data from crypto exchanges and use it to estimate the flow of digital assets across different geographical locations.
While the initial findings suggest that the flows between crypto exchanges are smaller compared to on-chain traffic, they still have significant economic importance. The Bank of France and the European Central Bank are also involved in this project.
Hot Take
BIS and European central banks are collaborating on Project Atlas, a tracking system for cryptocurrencies and DeFi. By combining off-chain and on-chain data, this initiative aims to shed light on the macroeconomic relevance of these digital assets. The project’s initial findings highlight the economic significance of flows between crypto exchanges. With the involvement of key institutions like the Bank of France and the European Central Bank, Project Atlas has the potential to provide valuable insights for central banks and financial regulators.
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