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.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

ChangeNOW,Cryptocurrency,Investment

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021
eToro,Investment,Trading

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021
Binance,Bitcoin,token

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021
Blockchain,Casino,Ethereum

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Registered players can still access their wallet and withdraw their funds. A […]

12 August, 2021
Binance,Casino,Cryptocurrency

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021
Binance,Bitcoin,SEPA

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021
Bitcoin,Cryptocurrency,Investment

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021
Bitcoin,CoinMarketCap,Trading

Bitcoin On The Rebound Following Elon Musk’s Latest Announcement

The price of the world’s largest cryptocurrency is rising again following the latest comments from Elon Musk. Bitcoin’s price has climbed and stayed above $40,000 on Monday 14th June, following an announcement by Musk that Tesla will, once again, start accepting BTC payments. The latest comments have proven once more what a powerful influence the […]

16 June, 2021