The Bank for International Settlements (BIS) announced that it has developed a project that will be used to map international flows between cryptocurrency exchanges.
In total 63 central banks BIS, the international financial institution that includes it, in partnership with the Central Bank of the Netherlands and Germany decentralized finance (DeFi) announced that a project that will serve as a data platform has been developed.
This project, called Project Atlas, will analyze and combine data collected from cryptocurrency exchanges with data obtained from public blockchains. The project also combines this data with international cryptocurrency flow And Where transfers come from and where they go by matching central banks will make a mapping for.
In the statement, in the current situation Even though there are platforms that offer a lot of data It was stated that these were tied to jurisdictions and the reporting did not comply with a standard.
Project Atlas, in its first stage Bitcoin (BTC) made from cryptocurrency exchanges in its network operations And border It will detail international money transfers. The reason for this was explained by the fact that the transfers made in the Bitcoin network are more important and larger than others.
Head of Innovation Center Cecilia Skingsley In his statement on the subject, he emphasized the importance of on-chain data and the benefits to be provided regarding regulations:
We are developing an important new public good for central banks globally. Data on cross-border flows relates to areas such as payments and macroeconomic analysis. While relatively small compared to total on-chain traffic, the detected flows between crypto exchanges are economically significant and large. The output of Project Atlas can serve as a starting point for preliminary assessments and inform the preparation of data reporting requirements and regulation of crypto market actors.
In the details of the statement made by BIS, it is stated that the activities in some stock exchanges 70%of, wash trading While it was claimed that it consisted of transactions, a warning came that crypto data could be manipulated or distorted.