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

Banking & Finance
| The European | 18th September 2019
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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

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