German Finance Minister Olaf Scholz called on the government and regulators not to accept parallel currencies like Facebook’s stablecoin Libra.
During a panel discussion in Berlin, Scholz stated that the stablecoin Libra would be “unconditionally rejected.”
“We cannot accept a parallel currency. We need to reject it, ”he said.
Reuters reports that the German government is working closely with European and international allies to prevent stablecoins from becoming an alternative to state currencies.
The authorities are going to discuss with the Central Bank of Germany the possibility of developing a state-owned cryptocurrency, study the current state of affairs and develop measures to eliminate potential risks.
Note that the German Minister of Finance has repeatedly spoken out against the stablecoin Libra. In July of this year, he announced that a cryptocurrency project should not be allowed to compete with the euro.
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