Bitcoin Transactions Monitored by Bank for International Settlements
The Bank for International Settlements (BIS) has conducted a study to examine the role of Bitcoin in cross-border transactions. The study challenges conventional assumptions and reveals that Bitcoin’s impact may be more significant than previously thought. The BIS created a Bitcoin global mapping system to gain a deeper understanding of crypto transactions, including non-public data from private companies. Although the report does not provide specific details on how the system works, it acknowledges the possibility of flawed data due to anonymous and unidentified Bitcoin usage. The study also highlights Bitcoin’s growing popularity for cross-border remittances, providing an alternative for those with limited access to traditional banking services.
nBTC Token Revolutionizes Interconnected Crypto Chains
The nBTC token is set to make a difference in over fifty connected app chains within the Cosmos IBC ecosystem. Osmosis, the largest decentralized exchange in the Cosmos network, is collaborating with Nomic and Kujira to bring Bitcoin into the inter-blockchain communication protocol (IBC). Users can transfer Bitcoin on the Cosmos network via Osmosis’ Nomic bridge, receiving Nomic Bitcoin (nBTC) in return. nBTC can be used for transactions on Osmosis and serves as collateral for Kujira’s stablecoin, USK. During the early stages of nBTC’s launch, there will be a limit of 21 BTC for the cross-chain bridge, but control over this parameter will be transferred to Nomic DAO governance in a future update.
Hot Take: Bitcoin’s Growing Influence on Cross-Border Transactions
The Bank for International Settlements’ study sheds light on Bitcoin’s increasing influence in cross-border transactions and its role as an alternative for remittances. This challenges conventional assumptions about cryptocurrencies and calls for further discussions among regulators, financial institutions, and policymakers. The study also reflects the continued interest in Bitcoin among central banks worldwide, some of which may advocate for stricter regulations. Additionally, the introduction of the nBTC token in the Cosmos IBC ecosystem signifies a significant development in inter-blockchain communication. Bitcoin’s integration into this protocol opens up new possibilities for decentralized exchanges and expands its utility within the cryptocurrency world.
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