Breaking News: Central Bank's Revolutionary Bitcoin Mapping System Goes Viral, Paving the Way for Global Crypto Dominance!

[ad_1] Title: Central Bank Test Lab Develops Bitcoin Monitoring System to Track Cryptocurrency Usage Subtitle: Bank for International Settlements (BIS) project aims to provide authorities with a clearer understanding of bitcoin transactions Date: October 4, 2021 The Bank for International Settlements (BIS) has unveiled a prototype bitcoin monitoring system called Atlas, designed to track and analyze the usage of cryptocurrencies. The project, initiated more than five years ago at the Dutch central bank, aims to provide authorities with a comprehensive picture of how, when, and where bitcoin is being used. Atlas utilizes a "proof of concept" platform that collects data from both publicly available "on-chain" crypto ledgers and harder-to-source "off-chain" data reported by select exchanges and users. While the information gathered offers a rough overview of cryptocurrency activity, the anonymous nature of crypto wallets and the absence of location specifications make it less precise. Preliminary analysis of the data collected by the platform indicates significant cross-border flows of cryptocurrencies, although the distribution across geographical regions remains uneven. The BIS acknowledges the presence of uncertainty in its findings. The decentralized nature of cryptocurrencies has raised concerns among regulators, particularly following the collapse of widely-used stablecoin pair Luna and TerraUSD, as well as the FTX platform. The BIS' innovation hub prototype generates "dashboards" that display information such as the conversion of bitcoin into U.S. dollars at specific times and locations worldwide. These dashboards can also provide insights into the adoption and relative importance of crypto markets as they fluctuate in popularity. The BIS emphasizes the relevance of cross-border crypto flows for central banks, particularly in the context of cross-border payments, economic analysis, and balance of payments statistics. These flows may represent a significant portion of cross-border transfers for some countries, which is currently challenging to quantify due to data gaps. The BIS states that central banks need to acquire first-hand knowledge of cryptocurrencies and decentralized finance (DeFi) to understand the risks and opportunities they present to the financial system. The dashboards developed by the BIS will be made available to a group of "test" central banks for feedback and further development. The development of the bitcoin monitoring system by the BIS underscores the growing importance of understanding and regulating cryptocurrencies in the global financial landscape. Additional reporting by Elizabeth Howcroft in London. Editing by Gareth Jones. [Acquire Licensing Rights](https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead) [ad_2] https://market-news24.com/crypto/breaking-news-central-banks-revolutionary-bitcoin-mapping-system-goes-viral-paving-the-way-for-global-crypto-dominance/?feed_id=71192&_unique_id=651d702adde18

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