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German Central Bank Chooses DeFi Protocol to Create Its Blockchain

The German Central Bank has chosen the DeFi protocol ...

German Central Bank chooses DeFi protocol to create its own blockchain
CONTENT

  • The Central Bank of Germany entered into cooperation with the DeFi project for the first time

  • The project developers will help the German regulator create its own blockchain system

  • Previously, Ocean Protocol conducted a hard fork to prevent the laundering of stolen tokens from the KuCoin exchange

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Germany’s central bank has partnered with a decentralized finance project to create its own blockchain system

The German Central Bank chose the DeFi protocol ...

A German federal bank has leveraged a decentralized finance (DeFi) protocol called Ocean Protocol to create its own blockchain project. This was reported on the official website of the central bank. According to the official announcement, using the protocol, the Central Bank of Germany intends to create its own blockchain platform for accounting statistics.

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Ocean Protocol is a decentralized service based on the Ethereum blockchain, focused on data aggregation to create blockchain applications. The project is being developed by a non-profit foundation in Singapore.

Consulting cooperation

The project developers, according to the Central Bank of Germany, will advise the regulator on software integration issues:

The German Central Bank chose the DeFi protocol ...

“The reason for choosing [Ocean Protocol], in addition to the lack of competition, [is] primarily because of the unique technical advantages that underlie Ocean Protocol’s patented database technology.”.

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The protocol also has a native token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More under the ticker OCEAN. At the end of September, the protocol developers initiated a hard fork, transferring all active OCEAN projects to a new smart contract to counter the laundering of stolen tokens from the KuCoin exchange.

Source: coinmarketcap.com

At the time of this writing, the price of the OCEAN / USDT token is $ 0.44 (-14.04%). The market capitalization of the token reaches almost $ 186 million.

Double impression

In 2020, Germany is actively advancing not only in the blockchain market, but also in the segment of cryptocurrency regulation. In July, Dr. Markus Player from Germany became the new President of the Financial Action Task Force (FATF), succeeding Xianmin Liu from China. The next two years, it will be the representative of Germany that will shape the strategy for the turnover of cryptocurrencies in the world..

However, the benefits of Germany in participating in the development of the cryptocurrency market have not been fully determined. In October, German Finance Minister Olaf Scholz said he was skeptical about the Libra project In June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately attracted attention … More from FacebookIn June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately caught the eye … More as these stablecoins threaten the global financial system.

The German Central Bank chose the DeFi protocol ...

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