Germany, which has one of the largest economies in the world, continues to conduct research on crypto technologies.

It seems that many states have taken a close stance to the crypto market recently. One of these countries, Germany, focused on DeFi, an important successor technology of the industry.

Talking about the Defi ecosystem, Joachim Wuermeling, Member of the Board of Directors in charge of Bank Supervision and IT at the Federal Reserve Bank of Germany (DBB), made the following statements:

   "DeFi is growing fast, and it could also increase its ties to the rest of finance and the economy. We need to discuss regulatory options."

The German Central Bank official, who likened the Defi ecosystem to a casino, ended his statements on the subject with the following words:

   “To me, DeFi looks like a casino for tech-savvy speculators.

 I can imagine having a global forum similar to the Basel Committee on Banking Supervision that could set global ground rules for digital innovation."

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Latest situation in crypto money markets

Selling pressure returning in the middle of the week dispersed the positive mood, causing cryptocurrencies to lose their weekly gains. Cryptocurrency market cap dropped to $ 1.2 trillion yesterday, down nearly 9 percent.

While the average trading volume of the last 24 hours is approaching $ 100 billion, there is a horizontal view in general in cryptocurrencies. Cryptocurrencies have not yet recovered from the impact of the last drop. 94 of the top 100 cryptocurrencies continue to be negative compared to yesterday's price. Cryptocurrencies, which are extremely fragile with their weak buyer volume, continue to be adversely affected by traditional market developments, especially from the USA.

With the start of the balance sheet reduction, which the US Fed also mentioned in the beige book, the decisions to move faster towards monetary tightening are seen as one of the developments that negatively affect cryptocurrencies.