The ECB is planning to use internal data for crypto market monitoring
The ECB has already created a system that uses “high-quality” aggregated data to analyse the “crypto-asset phenomenon”. The main task posed by the bank is to study how financial technology can affect the monetary policy and the risks that it potentially poses to market infrastructure.
One of the major problems for monitoring processes in the world of digital currencies is serious data gaps related to crypto-assets, as the ECB believes. Despite the transparency of blockchains, transaction data are collecting haphazardly. It prevents as well regulators from assessing the state of crypto market fully.
Speaking more specifically about these issues of collecting accurate data, he EU banking authority says in a report:
ECB analysts emphasised the importance of further development of a statistical classification of crypto-assets and of the basic requirements for them, due to the fact that the development of the digital currency industry can have an impact on “stability and efficiency of the financial system and economy”.