Europe’s resistance to Facebook's proposed cryptocurrency grows, as Germany describes its position.
Related: Facebook presents a new payment system on its social media
After the cabinet approved the government’s blockchain approach, it announced that this technology has fabulous potential but it doesn’t mean that it must be applied for building new private forms of money.
Olaf Scholz, Finance minister of Germany, stated that the fundamental factor of the state sovereignty is currency printing and regulating, so they won’t let private corporation do it.
Germany is the largest economy in Europe and the judgment from it echoes France’s view and uncertainty from Washington. Facebook started a public-relations invasion which was to put lawmakers at ease.
A superior trader at Crypto Broker AG in Zurich Patrick Heusser mentioned that Europe has previously troubled enough to keep its currency steady and this area sees Libra stablecoin as a peril to the stability of Euro because in some more exposed areas of EU citizens may consider that Libra is greater money than their traditional currency.
For making the situation better, Facebook is trying to ensure the world that it would be just one of many organisations conducting the new currency.