• The Bank for International Settlements has designed a platform to help central banks track Bitcoin trading activities.
• The platform will draw data from on-chain and off-chain trading activities.
• A test group of central banks will use the platform to map Bitcoin trading activities in different regions.

The Bank for International Settlements (BIS) – a global central bank that serves other central banks – has designed a system to help authorities track Bitcoin trading activities across the world, Reuters reported. According to BIS, the monitoring system will give authorities “a clearer picture of how, when, and where the cryptocurrency is used.”

Work on the project codenamed Atlas started five years ago at the Dutch Central Bank – a member of BIS. However, BIS said recent happenings within the crypto ecosystem have affected the platform’s potential value.

Notably, the crypto ecosystem since last year has been a mash of institutional collapses, bankruptcies, market volatility, and regulatory onslaughts. Large crypto entities like FTX and Terra Luna collapsed, creating a prolonged bear market that spilled into 2023.

According to the report, the monitor…

The post BIS Unveils Platform to Help Central Banks Track Bitcoin: Report appeared first on Coin Edition.

• The Bank for International Settlements has designed a platform to help central banks track Bitcoin trading activities.
• The platform will draw data from on-chain and off-chain trading activities.
• A test group of central banks will use the platform to map Bitcoin trading activities in different regions.

The Bank for International Settlements (BIS) – a global central bank that serves other central banks – has designed a system to help authorities track Bitcoin trading activities across the world, Reuters reported. According to BIS, the monitoring system will give authorities “a clearer picture of how, when, and where the cryptocurrency is used.”

Work on the project codenamed Atlas started five years ago at the Dutch Central Bank – a member of BIS. However, BIS said recent happenings within the crypto ecosystem have affected the platform’s potential value.

Notably, the crypto ecosystem since last year has been a mash of institutional collapses, bankruptcies, market volatility, and regulatory onslaughts. Large crypto entities like FTX and Terra Luna collapsed, creating a prolonged bear market that spilled into 2023.

According to the report, the monitor…

The post BIS Unveils Platform to Help Central Banks Track Bitcoin: Report appeared first on Coin Edition.