News Facebook's Libra cryptocurrency should be prevented: German finance minister

Facebook’s Libra cryptocurrency should be prevented: German finance minister

-

- Advertisment -

WASHINGTON (Reuters) – German Finance Minister Olaf Scholz on Friday redoubled his criticism of Facebook’s plans to launch its Libra cryptocurrency, and said creation of a new world currency should be prevented.

Scholz, speaking with reporters at the IMF and World Bank fall meetings in Washington, cited growing concern about such “stablecoins” and the potential international risks they posed.

The German official said he was “highly skeptical” about Facebook’s plans, adding, “We will carefully monitor the situation with all the means at our disposal. I am not in favor of the successful creation of such a world currency because that is the responsibility of democratic states.”

The Group of Seven wealthy nations on Thursday released a new report, arguing that such digital currencies should not be allowed to launch until the profound international risks they pose are addressed. [nL2N27300W]

A G7 working group said that “stablecoins” – digital currencies usually backed by traditional money and other assets – could threaten the world’s monetary system and financial stability. The emerging technology is now mostly unregulated.

At the same time, Scholz said it was clear that certain changes were required in the financial sector.

“There is a need for reform,” he said, noting that cross-border payments in particular should become faster and cheaper, but without jeopardizing the autonomy of states.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...
- Advertisement -Facebook's Libra cryptocurrency should be prevented: German finance minister

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...
- Advertisement -Facebook's Libra cryptocurrency should be prevented: German finance ministerFacebook's Libra cryptocurrency should be prevented: German finance minister

You might also likeRELATED
Recommended to you