Global Central Banks Collaborate to Track and Assess Crypto Transfers

The Bank for International Settlements (BIS) has developed a prototype bitcoin monitoring system called Atlas, aimed at providing authorities with a clearer understanding of how, when, and where the cryptocurrency is being used. The system collects data from both publicly available "on-chain" crypto ledgers and harder to source "off-chain" data, offering a rough picture of cryptocurrency activity. The BIS' prototype produces dashboards that show information such as the conversion of bitcoin into US dollars in different parts of the world, providing insights into the adoption and importance of crypto markets. The system will be made available to a group of test central banks for feedback and further development.