Germany’s central financial institution is engaged on a blockchain mission, but it surely’s not a CBDC

In keeping with a public discover published in the Complement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit basis, was employed to create a decentralized community for Germany’s Bundesbank.

The central financial institution mentioned that the Ocean protocol, which is a mission of comparatively restricted renown, was chosen largely as a result of they have been the one doable contractor for the job, citing a “lack of comparable opponents.”

Bundesbank detailed in its public discover that the principle goal of the mission is to arrange a “decentralized community strategy, which permits individuals a everlasting, symmetrical knowledge entry for the belief of real-time updates of statistics whereas preserving knowledge sovereignty.”

The establishment expects to work hand in hand with the Ocean protocol to construct a platform for securely publishing, transferring, and consuming private and non-private knowledge.

On October 21, Cointelegraph reported that the German central bank was considering alternatives to a CBDC. It’s doable that this announcement is our first look into what such an alternate may contain.

In July, Ocean protocol announced that they would develop a pilot project with Mercedes-Benz’ producer, Daimler AG.

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