Facebook’s Libra Must be Rejected Says German Finance Minister

German Finance Minister Olaf Scholz stated that policymakers cannot accept parallel currencies such as Facebook's proposed Libra stablecoin.

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Germany’s Finance Minister Olaf Scholz Stated

“We can’t accept a parallel money. […] You’ve got to deny that obviously.”

The record reportedly read:

“The Federal Government will operate at European and Global level to Make Sure that stablecoins Won’t become a substitute for official monies”

The German government has spoken out from Facebook’s Libra endeavor before. On Sept. 13, German parliamentarian Thomas Heilmann said the authorities will obstruct jobs like Libra, asserting that the government aren’t likely to permit any market-relevant personal stablecoins, after in France’s footsteps.

Libra isn’t any danger to the international financial system

Marcus pointed out through a meeting involving Libra founders and 26 international central banks in Basel which Libra’s cryptocurrency job doesn’t intend to create a new money but instead construct a”better payment system and system operating on top of current monies” to provide meaningful value to customers across the world. He highlighted that there’s not any new money generation, which will”rigorously stay the state of autonomous Nations”

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