Germany’s Scholz: We cannot accept parallel currencies such as Facebook’s Libra

John E. Kaye
- Published
- Home, Technology

German Finance Minister Olaf Scholz said on Tuesday that policymakers could not accept the emergence of parallel currencies, adding that Berlin would reject any such plans.
Facebook’s planned Libra is the most well-known of the stable-coins, cryptocurrencies backed by assets such as traditional money deposits, short-term government securities or gold.
“We cannot accept a parallel currency,” Scholz said during a panel discussion in Berlin. “You have to reject that clearly.”
The German cabinet is expected to adopt a comprehensive blockchain strategy on Wednesday which aims to boost the digital transformation of its economy but also tackle the risks stemming from such new technologies.
In its blockchain strategy, Berlin says it will liaise closely with its European and international allies to prevent stable-coins from becoming alternative currencies, according to a government document seen by Reuters.
The government also aims to propose legislation this year which would allow the introduction of blockchain-based electronic bonds, the document showed.
Source: Reuters
RECENT ARTICLES
-
Short circuit: humanoids go for gold at first 'Olympics for robots'
-
New IBM–NASA AI aims to forecast solar flares before they knock out satellites or endanger astronauts
-
AI is powering the most convincing scams you've ever seen
-
British firm Skyral to help Mongolia tackle pollution with AI traffic modelling
-
The nuclear medicine breakthrough transforming cancer care
-
Second to none: the watchmaker who redefined time for women
-
How AI agents are supercharging cybercrime
-
The CEO making culture the driving force for innovation
-
Penelope J. Corfield on the secret gestures that shape society
-
In Africa, hepatitis B is a silent killer. And a $1 test could stop it
-
'Our real rivals are TikTok and Netflix’ – iGaming firm Soft2Bet sets out strategy for global expansion
-
AI agents are just the start. Here’s what comes next
-
Why cybersecurity deserves a place in the political spotlight
-
Outpacing cyber threats, winning the race
-
Who is really cutting emissions? These satellites will tell us
-
New Science Matters supplement out now — Europe’s boldest ideas in one place
-
New app reveals hidden health risks in everyday foods
-
Alzheimer’s vaccine enters human trials aiming to stop disease before symptoms begin
-
US researchers develop storm-resistant drone to improve extreme weather forecasting
-
Robot folds 800 napkins in 24 hours as Dyna Robotics launches first commercial-ready embodied AI
-
New breast cancer radiotherapy technology launches in Europe
-
Blockchain boom could create over 1 million jobs by 2030, new report claims
-
Why modern computer games aren’t a patch on the classics
-
Watch: Robotic bellboys checking in to a hotel near you soon
-
Soft2Bet reflects on eight years of leadership and philanthropy in new film featuring CEO Uri Poliavich