German Finance Chief Latest With Libra Criticism

German Finance Chief Latest With Libra Criticism

Olaf Scholz, the German Finance Minister, has offered his opinion on Libra project and it is yet more criticism of the fabled Facebook stablecoin.

Within a report shared by news agency, Reuters, it quotes the minister as expressing the view that it should not be allowed to compete with the EU’s currency, the Euro. While also expressing that a privatised company the size of Facebook operating a currency could pose threats to “state sovereignty” and “it can’t and it must not happen.” Stating “The euro is and remains the only legal means of payment in the euro area.”

This is despite Germany becoming more open to cryptocurrencies and blockchain over the course of 2019, with Libra seemingly being where they draw the line.

These comments come at an inopportune time for Facebook and Project Libra as they enter into their hearing with the US House of Representatives who have their own concerns. Meanwhile, the G7 summit is just days away and Project Libra is top of the bill for the discussions that will take place there. With other participating nations expressing their own concerns about the idea of Facebook getting involved in global currencies. French Finance Minister Bruno Le stated that the idea of Facebook becoming a sovereign currency “must not happen”. While the UK’s leading financial watchdogs detailed the need for tough sanctions when the currency launches.

Outside the EU, Russia and India have been some of the first to wash their hands of the crypto altogether. Indian Economic Affairs Secretary, Subhash Garg, noting, that as a private currency, Project Libra is “not something we (they) have been comfortable with.” Even big tech nations with a big crypto influence like Japan have shared concerns.

However, while nation-states have a sense of foreboding about the currency, exchange platforms, such as ShapeShift and Binance, have been more forthcoming. Shapeshift CEO expressed interest in the coin and Binance confirmed they had opened talks with the Libra team.

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