German central bank’s executive: DeFi 'casino' may need new global regulator

06/02 11:28

According to Coindesk, Joachim Wuermelinga, a member of the German central bank’s executive, has called for a bank-style international standard-setter for financial-technology innovations – while dismissing decentralized finance (DeFi) as a “casino” for speculators. Joachim Wuermeling called for discussions “now” on how to treat the fast growing segment of blockchain-based finance that could make banks redundant. The move follows calls by major developed nations to the Financial Stability Board (FSB) to speed up regulations that would mean crypto is treated like regular finance. A spokesperson for the FSB said that no timeline has yet been set for that work, though a separate report on stablecoins is due in October.
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