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Cambridge University Backed Crypto Research Project Launched, Partnered with IMF, BIS

Cambridge University has announced its collaboration with various integral companies to delve into crypto research project.

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Photo by twenty20photos / Envato

Cambridge University’s Center for Alternative Finance or the CCAF has officially announced their collaboration with the IMF, or International Monetary Fund, as well as the Bank for International Settlements, also known as BIS, and others, for the conduction of crypto research.

The collaboration’s objective is to bring further insight into the vastly growing digital asset industry. The effort has already been dubbed the Cambridge Digital Assets Programme (CDAP).

Bryan Zhang, CCAF executive director prepared a statement during which he said “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,”

This participation also includes the efforts of the British International Investment, Ernst & Young, Fidelity and the World Bank. Banks like Goldman Sachs as well as payment giants such as Mastercard and Visa have also featured themselves in the collaboration.

All in all, a sum total of 16 companies are involved in this joint venture.

“Industry collaboration and public-private partnerships will be vital in bringing the benefits of digital currencies to life in a sustainable, inclusive, and secure way,” Terry Angelos, SVP and Global Head of Fintech at Visa, said on the matter.

The Cambridge Digital Assets Programme is building upon the previous efforts made by the famed University’s research into blockchain and cryptocurrency.

The CCAF’s Cambridge Bitcoin Electricity Consumption Index is frequently used as a source regarding the annual consumption of Bitcoin. By today’s figures, that stands at about 130 terawatt-hours per year.

The same department was also responsible for the release of data which discovered that the U.S. had become the largest market in the world for Bitcoin mining, which was followed by a mass exodus of miners from China in the aftermath of their government banning crypto mining back in 2021.

Some of the other companies participating in this joint venture have also had themselves attached to the crypto industry in the past, as well. The Bank of International Settlements has raised a plethora of concerns about cryptocurrency, previously. In December of last year, it issued a warning regarding the crypto industry, or rather, DeFi (decentralized finance) in particular, could threaten broader financial stability.

The bank has, however, also stated previously that Bitcoin has “few redeeming public interest attributes,” in a report that sought to point out the flagship cryptocurrency’s energy consumption, as well as its role in money laundering.

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