German Finance Minister: Libra issued by Facebook should not be allowed to challenge the status of the euro

German Finance Minister: Libra issued by Facebook should not be allowed to challenge the status of the euro

  

According to Reuters, German Finance Minister Olaf Scholz officially joined the media debate surrounding Facebook's cryptocurrency program.

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.

Currency search: Bitcoin search engine www.btcsearch.com

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Twitter Featured: Buying 11,000 Bitcoins in a single month, is the institution also suffering from phobia?

01 Grayscale investment bought 11,000 bitcoins last month, accounting for 21% of new bitcoin in the month. Trader Rhy...

Blockchain

When all Bitcoins were mined in 2140, what is the final value of Bitcoins purchased today 120 years later?

As we all know, there are only 21 million Bitcoins, and the last one will be mined all day. According to current esti...

Blockchain

More appetite for the dark web than BTC? It's the golden key in Pandora's Box: ZEC Big Coin

[Random Chain Circle] Blockchain star said that the public number conscience is produced. Keep up with the hot trends...

Blockchain

When does Bitcoin reach $150,000? Analyst said that it is in the next cycle

Although the valuation of the encryption market has fallen by 82% in the past year, and Bitcoin has not recovered to ...

Blockchain

Find this bus! The Wenkleworth brothers launched the 1 BTC challenge

Gemini, the bitcoin exchange created by Tyler and Cameron Winklevoss, also began to experience the fun of cryptocurre...

Market

Bitcoin has experienced a roller coaster, and it’s easier to grasp the market.

Judging from the accounts of the giant whales, in the three days from May 17th to 19th, there were a total of six add...