Minister of Finance Olaf Scholz stressed that the government will not allow private companies to issue their own money.
The German government has approved a full-blown blockchain strategy that will hinder the existence of alternative money in the country, including the stable Libra from Facebook. Authorities fear the risks associated with new technologies.
“We must protect consumers and state sovereignty. A key element of country sovereignty is the ability to issue currency. We will not entrust this task to private companies” – said German Finance Minister Olaf Scholz.
Earlier, the head of the Facebook’s blockchain division, David Marcus, assured that Libra will not threaten the sovereignty of countries in the context of money. Marcus called the project a more advanced variation of the payment network and a system based on existing currencies.