October 25, 2020

German Finance Minister proposes digital euro

German Minister of Finance and Vice-Chancellor Olaf Scholz advocated the creation of a national digital currencies.

According to the local WiWo publication, Scholz said that "such a payment system would be useful for the financial center of Europe and its integration into the global financial system."

“We should not leave this area to the dominance of China, Russia, the United States or any private companies,” Scholz added, referring to Facebook’s Libra cryptocurrency.

Last month, Germany adopted a strategy to counteract the release of corporate cryptocurrencies. Then Scholz declared:

“We want to be at the forefront of technology andfurther strengthen the role of Germany as a technology leader. At the same time, we must protect consumers and state sovereignty. The main element of state sovereignty is the issue of currency, and we will not allow private companies to do this. ”

Congressmen also called on the Fed last weekUS to develop its own digital currency. In their letter, House of Representatives French Hill and Bill Foster emphasized that they were concerned about the risks that other countries or companies pose for the US dollar.

In recent months, repeatedly appearedreports that China is preparing to issue its own digital currency. However, at the end of September, the People’s Bank of China denied rumors that the issue of state cryptocurrency was planned for November of this year.

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