Cryptocurrency
Cryptocurrency, sometimes called cryptocurrency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead of using a decentralized system to record transactions and issue new units.
IMF Coin
An IMFCoin, as several publications have dubbed it, could potentially reinvigorate the SDR’s standing in the international finance system. This is because a digital currency would replace the dollar as a reserve currency in international trade transactions.
But the crypto market is increasingly dominated by big investors, and authorities fear that the highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime, and hurt small investors.
BIS
BIS is the National Standard Body of India established under the BIS Act 2016 for the harmonious development of the activities of standardization, marking, and quality certification of goods and for matters connected therewith or incidental thereto.
BIS Certification enables the certificate holder to offer third-party guarantees of quality, safety, and reliability of products to the customers and is mainly required for the import of items. While the certification has been voluntary, it was made mandatory by the Indian government for several items.
NEWS
The University of Cambridge is collaborating with some of the world’s top banking institutions and private companies to introduce a new project targeting cryptocurrency research. Some regulators were recently concerned about the alleged lack of consistent and transparent data on crypto markets.
The Cambridge Center for Alternative Finance, or CCAF, has launched a research initiative aiming to bring more insights into the rapidly growing digital asset industry, the CCAF announced to Cointelegraph on Monday.
Cambridge Digital Assets Programme: CDAP
Dubbed the Cambridge Digital Assets Programme, or CDAP, the project is a public-private collaboration with 16 companies including public institutions like the Bank for International Settlements Innovation Hub and the International Monetary Fund. The initiative also includes banks like Goldman Sachs, financial giants like Mastercard and Visa, as well as major exchange-traded fund providers like Invesco.
Other participants include British International Investment, Dubai International Financial Center, Ernst & Young, Fidelity, the United Kingdom’s Foreign, Commonwealth, and Development Office, Inter-American Development Bank, London Stock Exchange Group, MSCI, and the World Bank.
Crypto Environment Implications
As its core mission, the CDAP intends to enable evidence-based public dialogue about the opportunities and risks associated with the growing cryptocurrency adoption. The program will be focused on three main areas including crypto’s environmental implications, infrastructure, and digital assets, including stablecoins, central bank digital currencies, as well as for cryptocurrencies.
According to the announcement, the program builds on the CCAF’s existing work in the crypto industry including the development of the Cambridge Bitcoin Electricity Consumption Index, CBECI. The CBECI is a widely-referred index to provide the global Bitcoin (BTC) mining hash rate distribution percentage among countries.
The Global Cryptoasset Benchmarking
Other CCAF crypto research developments include the Global Cryptoasset Benchmarking Study series, designed to address ecosystem trends, inform regulation and policy discussion, and others.
“The Cambridge Digital Assets Programme that we are launching today aims to meet the resulting need for greater clarity by providing data-driven insights through collaborative research involving public and private sector stakeholders,” CCAF executive director Bryan Zhang said.
Objective Analysis of Digital Assets Industry
According to CCAF digital assets lead Michel Rauchs, the CDAP will provide decision-makers with the objective analysis and empirical evidence that they need to navigate the digital assets industry.
As previously reported by Cointelegraph, some global regulators have been increasingly concerned about risks associated with the lack of standardized and trusted data in the cryptocurrency industry. In mid-February, the Financial Stability Board warned that the crypto market lacks consistent and transparent data and its linkages with the core financial system, which poses a significant risk amid the rapid crypto adoption.
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