RATE Group | Facebook’s Libra cryptocurrency should be prevented: German finance minister | News
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Facebook’s Libra cryptocurrency should be prevented: German finance minister | News

20 Oct Facebook’s Libra cryptocurrency should be prevented: German finance minister | News

Posted at 07:39h in Cryptocurrency News by

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WASHINGTON (Reuters) – German Finance Minister Olaf Scholz on Friday redoubled his criticism of Facebook’s plans to launch its Libra cryptocurrency, and said creation of a new world currency should be prevented.

Scholz, speaking with reporters at the IMF and World Bank fall meetings in Washington, cited growing concern about such “stablecoins” and the potential international risks they posed.

The German official said he was “highly skeptical” about Facebook’s plans, adding, “We will carefully monitor the situation with all the means at our disposal. I am not in favor of the successful creation of such a world currency because that is the responsibility of democratic states.”

The Group of Seven wealthy nations on Thursday released a new report, arguing that such digital currencies should not be allowed to launch until the profound international risks they pose are addressed. [nL2N27300W]

A G7 working group said that…

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