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

| The European | 18 September 2019

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

Sign Up

For the latest news

Download the App free today

your favourite
business magazine
while on the go.
Available on

Hard Copy and Digital


Get your
favourite magazine
delivered directly
to you

£49.95 4 issues



Information Security Forum’s
special report
exclusively here

Read report

Other Home Articles You May Like

Website Design Canterbury


Hard Copy and Digital Subscription

Please complete the payment process in order to receive all 4 issues of The European Magazine digital edition or receive the hard copy directly to your door
As soon as payment is processed, the current digital edition will be emailed to you or dispatch to your postal address.

Annual Quarterly Subscription (4 Issues) Shipping Options