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Germany will block Facebook's Libra

Sep 18 2019
By
Jonathan Smith

This time it was the German government, who delivered yet another blow to Libra, the Facebook backed stable coin, that is planned to be launched in 2020.

 

According to its new strategy the cabinet in Berlin stated that while the block chain technology holds great potential, it should not be used to develop private forms of money.

 

“A core element of state sovereignty is the issuance of a currency, we will not allow private companies to do it,” German Finance Minister Olaf Scholz commented on the government's decision.

 

The German stance reflects similar concerns expressed by France and the skepticism in Washington.

 

Central bank officials expressed concern that Libra might undermine the monetary policy across the globe.

 

Benoit Coeure  of the European Central Bank (ECB) backed Bank of England Governor Mark Carney’s suggestion for the development of an international central bank digital currency, pointing out that private stable coins could challenge the global reserve currency status of the U.S. dollar. 

 

Earlier this week Facebook met officials from 26 central banks, including the Federal Reserve, the Bank of England and the European Central Bank in an attempt to reassure them that Libra will not replace sovereign currencies like the U.S. dollar or the Euro.

TAGS: Germany  Facebook  Libra  monetary policy 

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