The Bundesbank decided not to rush the launch of the national digital currency (CBDC). Instead of a token, the German Central Bank will soon launch a block-platform for data exchange.
The project is being implemented in partnership with Ocean Protocol, a Singapore-based non-profit foundation.
The Bundesbank’s press centre said the regulator chose this team because it has no competitors in the development of blockchain services.
It should be reminded that last autumn it became known that the German Central Bank was ready to release its digital currency.
The authorities stated that they would not allow the appearance on the market of German stelecoins produced by private companies and banks. Alternatively, the Central Bank is ready to launch its token and it will be the only payment instrument in the country.
However, so far no cryptovite has been issued. On the other hand, the regulator does not refuse to use block-chain technologies. The platform, which will be created in partnership with the foundation, will allow all participants in the German financial market to exchange data without fear that they will be stolen by third parties.
According to the supporters of this project, the launch of a blockage system will create conditions for increasing productivity in the financial sector.
At the same time, the German authorities have not completely abandoned the idea of implementing the CBDC. In mid-October this year, the Central Bank confirmed that it will return to the token development programme if necessary.