According to Reuters, German Finance Minister Olaf Scholz officially joined the media debate surrounding Facebook's cryptocurrency program.
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Like other government officials who have criticized in recent days, Scholz has called on regulators to investigate the Libra project of the social media company. According to reports, Scholz expressed concern about consumer protection and possible confusion in the euro zone.
The report quoted him as saying:
"The euro is and can only be the only legal means of payment in the euro zone."
This coincides with the comments made by French Finance Minister Bruno Le Maire after the release of the Libra project.
The French finance minister said at the time, "There is no doubt that Libra is allowed to become a sovereign currency and absolutely cannot happen."
Scholz believes that the introduction of widely used digital assets may interfere with the ability of countries to manage the economy through monetary policy.
He pointed out that "the right to issue money is not a private company because it is a core element of national sovereignty."
In June of this year, European Parliament member Markus Ferber also called for a regulatory review of Facebook to prevent the multinational company from operating as a "shadow bank."
According to Reuters, Scholz alleges that the German authorities and their allies are working hard to "ensure financial stability, protect consumers, and prevent the entry of money laundering and terrorist financing." As mentioned earlier, an international regulatory working group has been arranged between the Group of Seven (G7).
On the occasion of the European press’s public speech, the US Senate Banking Committee is listening to testimony about Facebook’s development of cryptocurrencies.
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