German Finance Minister supports digital euro
The Minister ensures that the currency issuance power should be in the hands of the state and not on private companies
Germany’s federal finance minister, Olaf Scholz, said the digitization of the euro would be good for the European financial center while for private currency projects such as Libra from Facebook the head of the finance portfolio remains very critical.
In an interview with local business news source Wirtschafts Woche, Minister Scholz said that in the wake of economic globalization, boosting the electronic euro would be very favorable for the European financial system. However, he assured: “We should not leave the field to China, Russia, the United States or any private provider.”
Echoing other European leaders, such as French finance Minister Bruno Le Maire, who said France would block Libra, Scholz argued that the currency issuing power should reside in the hands of the state, saying that “a central element of sovereignty state is the publication of a currency, we will not leave it in the hands of private companies.”
Concerning the launch of the Libra, some US lawmakers consider the opinion of the head of the Financial Services Committee of the US House of Representatives, Maxine Waters, is prudent and appropriate, who says Facebook must follow the regulatory approval.
For their part, members of the Libra Association, scheduled to sign a formal letter at some point in this quarter, have been feeling the effects of such critics.
K.Villarroel
Source: cryptocurrency
