[ad_1]
German Finance Minister Olaf Scholz said policymakers could not accept parallel currencies such as Facebook's proposed Libra Stablecoin.
Prevent euro coins from becoming alternative currencies
As stated by Reuters, Vice Chancellor and German Finance Minister Olaf Scholz said at a round table in Berlin that Libra cryptocurrency would be clearly rejected. He said:
"We can not accept a parallel currency. […] You must reject this clearly. "
According to a document seen by Reuters, German regulators are working closely with their European and international allies to ensure that stable coins will not become alternatives to traditional currencies. The document read:
"The federal government will work at European and international level to ensure that stable coins do not become an alternative to official currencies"
The German government has already protested against Facebook's project Balance. On September 13th, German MP Thomas Heilmann declared that the government would block projects such as Libra, saying that the authorities did not plan to allow any significant private hiding place on the market, following traces of France.
Libra is not a threat to the global financial system
At the same time, David Marcus, director of Calibra, was trying yesterday to defuse the threat perceived by Libra for the global financial system.
At a meeting between the founders of Libra and 26 world central banks in Basel, Marcus pointed out that the Libra cryptocurrency project was not aimed at forming a new currency, but rather at building "a better network of payment and a system running over existing currencies "in order to offer significant value to customers. users around the world. He stressed that there was no new monetary creation, which "will remain strictly the province of sovereign nations".
[ad_2]
Source link