German Finance Minister: Regulators must ensure that cryptocurrencies such as Libra do not threaten financial stability and consumer privacy

On Tuesday, German Finance Minister Olaf Scholz said regulators must ensure that cryptocurrencies such as Libra, the digital currency in Facebook's plan, do not threaten financial stability and consumer privacy. “The issuing currency is not a private company because it is a core element of national sovereignty. The euro is and remains the only legal means of payment in the euro zone.” He added that Berlin is coordinating international efforts with its allies to ensure financial stability, Consumer protection and the prevention of money laundering and the financing of terrorism.