German Finance Minister says Libra should be avoided as a parallel currency
The head of the German finance portfolio, Olaf Scholz, stated that policy makers cannot accept parallel currencies such as the one proposed by Facebook
According to a document seen by Reuters, German regulators are working so that stable digital currencies do not become alternative currencies, ensuring that the currency driven by Facebook’s social network will be clearly rejected.
The communiqué says: “The Federal Government will work at European and international level to ensure that stable currencies do not become an alternative to official currencies.”
The German government has already ruled in rejection of this cryptoactive, claiming that the authorities are not planning to allow any type of private stablecoin relevant to the market, following in the footsteps of France and in that sense they will block any project that is related to the Libra.
For his part, David Marcus, head of the Calibra digital wallet service of Facebook, in a meeting with the founders of Libra and 26 central banks of the world that took place in Basel, said that this project does not intend to create a new currency. The intention is to build a “better network and payment system that works on existing currencies.”
Achieving a better meaningful value to its users, is the main objective of this company, ensuring that there is no new creation of money. It “will remain strictly the competence of the sovereign nations.”
K.Villarroel
Source: cointelegraph
