February 20, 2024

Hit Libra: Germany won't let cryptocurrencies become real money

Hit Libra: Germany won't let cryptocurrencies become real money
Germany Will Not Approve Libra

German authorities will not allow cryptocurrencies like Facebook's Libra to catch up withtraditional currencies. Nevertheless, the German government will explore the prospects for a national cryptocurrency. 

Germany vs Libra

According to Reuters, German Finance Minister Olaf Scholz said that the German authorities would not allowstablecoins, including Libra, to replace traditional currencies. 

"We can't accept parallel currencies. We must reject them.""In the future, we will be able to meet the needs of our clients," Scholz said at a conference on Tuesday. 

According to the minister, the German authorities will work with their European and international counterparts to prevent cryptocurrencies from catching up with "official currencies." 

On the other hand, the minister promised to "strengthen the dialogue" with the country's central bank regarding the prospects for issuing a national cryptocurrency.

  • Last week, the head of France's Ministry of Economy and Finance said the country would not "let it in"Libra to the European Land"
  • Before him, Yves Mersch, a member of the board of the European Central Bank, expressed concerns about the Facebook project.According to him, Libra can undermine the foundations of the regulator's monetary policy