The BIS Launches Global Crypto Monitoring System

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A proof of concept for a dynamic display system for digital asset circulation was presented by the Bank for International Settlements (BIS).

This project, called Atlas, was initiated in 2018 by experts from the Central Bank of the Netherlands.

The main goal of this platform is to assist authorities in gaining a better understanding of the usage of cryptocurrencies, including when, where, and how they are being used.

The toolkit includes various dashboards, such as one that displays the number of bitcoins that can be converted into fiat at specific times and locations around the world.

Atlas collects data from both public blockchains and off-chain sources like exchanges and individual participants.

Reuters noted the significance of this development due to growing regulatory concerns about the decentralized nature of cryptocurrencies, especially in light of recent collapses of digital asset platforms like FTX and Terra.

However, it should be noted that the platform’s information may not fully cover all created wallets.

According to the BIS, their initial analysis has shown that cross-border flows of assets are significant and vary across different geographic regions.