Bundesbank will partner with Ocean Protocol to develop a decentralized network

Germany’s central bank (Bundesbank) has announced a partnership with Ocean Protocol to develop a decentralized network that will provide access to information to update financial institutions’ statistics online “while maintaining their sovereignty.”

Thus, it is noted that after analyzing the bidders, among which were Ethereum, Tezos or Polkadot, the Singaporean application of the fintech company Ocean Protocol revealed unique technical features that could become an advantage for the bank during the development of a prototype network model.

Nevertheless, earlier, member of the board of the regulator Burkhard Balts noted that in modern realities it is necessary to focus on creating solutions that can limit the use of the digital version of the single European currency. According to the official, the asset should be used exclusively as a means of payment, this will not allow withdrawing the euro to foreign accounts.