{"id":23836,"date":"2023-10-04T11:29:01","date_gmt":"2023-10-04T11:29:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/central-bank-group-unveils-data-project-mapping-crypto-transfers\/"},"modified":"2023-10-04T11:29:01","modified_gmt":"2023-10-04T11:29:01","slug":"central-bank-group-unveils-data-project-mapping-crypto-transfers","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/central-bank-group-unveils-data-project-mapping-crypto-transfers\/","title":{"rendered":"Central Bank Group Unveils Data Project Mapping Crypto Transfers"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Project Atlas, a ground-breaking decentralized finance (DeFi) data platform, has the potential to serve as the basis for future regulation of the cryptocurrency industry. The revolutionary potential of Project Atlas was recently highlighted in a research published by the Bank for International Settlements (BIS) in partnership with the central banks of the Netherlands and Germany. This platform\u2019s early research focused on tracking important off-chain global flows between different crypto exchanges, yielding insightful results.<\/p>\n

Revolutionizing Crypto Data Analysis with Project Atlas<\/strong><\/h2>\n

The paper introduces Project Atlas, a ground-breaking initiative designed to offer crucial data insights to central banks<\/a> throughout the world. The director of the BIS Innovation Hub, Cecilia Skingsley, stressed the significance of this project by saying, \u201cWe are developing a new and important public good for central banks globally.\u201d Project Atlas\u2019s data generation has the potential to have a big influence on important fields including payments and macroeconomic research.<\/p>\n

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The first focus of the study was on transactions taking place within the Bitcoin network, and it emphasized the enormous economic impact of flows that had been discovered between cryptocurrency exchanges. Despite the fact that these off-chain transactions may seem little in comparison to the volume of all on-chain network activity, the study emphasizes their significance. The findings from Project Atlas, according to the paper, might be used as a starting point for performing preliminary analyses and guiding the creation of rules and standards for data reporting that apply to players in the cryptocurrency market.<\/p>\n

Globally, central banks are becoming more aware of the need for a greater comprehension of the dangers present in the cryptocurrency markets, which frequently operate in an environment that is difficult to govern. BIS originally proposed the idea of a \u201ccryptocurrency market intelligence platform\u201d in June 2022. Recent catastrophes, like the demise of the FTX exchange, have highlighted the hazards that unregulated businesses functioning in these marketplaces may bring.<\/p>\n

The BIS paper emphasizes how easily manipulated and distorted cryptographic data may be. It cites disturbing data that suggests up to 70% of activity on some exchanges may be due to wash trading, an illegal practice in which dealers purchase and sell the same item in an effort to mislead and manipulate market conditions.<\/p>\n

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Major centralized exchanges like Binance have taken action to increase transparency in response to rising investor concerns. They have started sharing information about the wallets they hold and have adopted a measure of assurance called \u201cproof of reserves.\u201d BIS admits that in the future, \u201cnovel approaches to data-driven supervision\u201d \u201ccould be used for this approach.\u201d Such attempts signal a positive step in the direction of a more regulated and open cryptocurrency industry.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Project Atlas, a ground-breaking decentralized finance (DeFi) data platform, has the potential to serve as the basis for future regulation of the cryptocurrency industry. The revolutionary potential of Project Atlas was recently highlighted in a research published by the Bank for International Settlements (BIS) in partnership […]<\/p>\n","protected":false},"author":34,"featured_media":23837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23836"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23836"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23837"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}