German Finance Minister: “Facebook Should Not Be Allowed To Compete With The Euro”
German Finance Minister Olaf Scholz supported the position of his American colleagues on the critique of the new cryptocurrency Libra. Scholz urged regulators to examine the new project of the company Facebook carefully. In addition, he expressed concern about consumer protection and a potential breach in the eurozone: “The euro is and remains the only legal means of payment in the euro area.” According to Scholz, the widespread adoption of digital assets may affect the ability of countries to manage the economy through monetary policy. “The issuance of a currency does not belong in the hands of a private company because this is a core element of state sovereignty,” – Scholz said. Scholz based his words on the fact that the German government and its allies are making maximum efforts to ensure financial stability, protect consumers, as well as prevent the financing of terrorism and other crimes. Recall that the countries of G7 organized an international working group on cryptocurrency regulation. We want to remind: