Germany is trying to set Facebook Cryptocurrency “Libra” in euro zone

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German Finance Minister Olaf Scholz said regulators should ensure that digital currencies such as the “Libra”, which Facebook plans to introduce, do not threaten the financial stability and privacy of consumers.

“The issuance of a currency should not be in the hands of a private company because it is an essential element of the sovereignty of the state and the euro remains the only means of payment in the eurozone Said Schultz ahead of the G7 meeting in France this week.

He added that Berlin is coordinating its international efforts with its allies to ensure financial stability, protect consumers and fill the gaps that allow money laundering and terrorist financing.

Facebook is preparing to launch a new digital currency in the first half of next year based on Blockchain technology, but will be available without being exposed to price fluctuations.

Source: Reuters