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German Government to Reject Facebook’s Cryptocurrency

18 September 2019, 11:34
Votes: 1

According to Olaf Scholz, Finance Minister of Germany, legislative bodies should not consider alternative currencies, such as the social media giant’s Libra.

German Government to Reject Facebook’s Cryptocurrency

At the panel discussion, which took place in the capital of Germany last Tuesday, Scholz emphasized that Libra coin would not be accepted in any way. German and international regulatory bodies are working together on preventing stablecoins from becoming a new option for payments with the prospect of replacing traditional money.

However, this is not the first time German authorities express their objections to Facebook’s coin introduction. Last week one representative of parliament claimed that Germany would not give permission to any private stablecoin to enter their market.

Nevertheless, according to experts, Libra poses no threat to any financial system of the world. The aim of the project is not to create a new cryptocurrency, but to establish an enhanced payment system running on top of existing crypto coins in order to provide customers with meaningful value all over the globe.

As mentioned earlier, the European Commission criticized the new German State Treaty on Gambling that is likely to come into force from January 1, 2020.

Read more: 10 Global Corporations to Launch Their Own Cryptocurrencies

Read more: Best Cryptocurrencies to Invest in 2019

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