German Chancellor-elect Olaf Scholz Issues Crypto Warning

by in Cryptocurrency News

Germany crypto

Olaf Scholz, the newly elected Chancellor of Germany issued a serious warning on Bitcoin and cryptocurrencies. According to an article published by Forbes, Scholz compared the growth of the crypto market to the 17th-century tulip mania of Holland. At the time, the value of tulip bulbs was extremely high in the country. It's commonly associated with market bubbles and crashes. Olaf also said that currency monopoly must be controlled by the government.

Related: European CB will strengthen control over crypto payments

The Federal Chancellor, who also adopted a policy to increase efforts towards climate protection, warned over the energy consumption by the decentralized Bitcoin network.

Previously, in 2019, serving as German Finance Minister, Scholz said that policymakers couldn't accept parallel currencies, such as stablecoins.

In early November, Swedish regulators raised the question calling on the European Union to ban crypto mining.

Recently, former US Secretary of State, Hillary Clinton also talked about the crypto industry, expressing concerns.

Meanwhile, interest in the crypto industry continues to stay high. This time last year, the BTC price was around $20.000, while at the moment, the coin trades at above $58.600. It reached an all-time high of $68.789 on November 10.