Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Germany's Scholz - We cannot accept parallel currencies such as Facebook's Libra

Germany's Scholz - We cannot accept parallel currencies such as Facebook's Libra
FILE PHOTO: German Finance Minister Olaf Scholz talks to media before the informal meeting of ministers for economic and financial affairs (ECOFIN) and Eurogroup in Helsinki, Finland, 13 September 2019. Lehtikuva/Martti Kainulainen via REUTERS -
Copyright
LEHTIKUVA(Reuters)
Euronews logo
Text size Aa Aa

BERLIN (Reuters) – 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 <FB.O> planned Libra is the most well-known of the stablecoins, 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 stablecoins 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.

(Reporting by Michael Nienaber and Christian Kraemer; Editing by Paul Carrel)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.