German Gov’t Speaks Against Approval of Facebook’s Libra in Europe

The government of Germany has spoken against Facebook’s Libra stablecoin in the EU, but notes openness to a state-run cryptocurrency.

The government of Germany has spoken against the authorization of the development of Facebook’s forthcoming Libra stablecoin in the European Union.

As German weekly news magazine Spiegel reported on Sept. 13, the Christian Democratic Union (CDU) parliamentarian Thomas Heilmann — who is responsible for the blockchain policy of the CDU and Christian Social Union in Bavaria set to be approved later in September — the government will deny projects like Libra.

“Not to allow market-relevant private stablecoins”

Heilmann stated that it was agreed in the grand coalition “not to allow market-relevant private stablecoins.” He further explained:

“Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.”

The report, however, notes that in its blockchain strategy the federal government envisions the development of a state-run digital currency.

Europe’s own public cryptocurrency

Heilmann made his statement on the heels of French Finance Minister Bruno Le Maire’s allegation that Europe should consider its own “public digital currency” that could challenge Facebook’s Libra.

At a meeting of EU finance ministers in Helsinki, Le Maire said that he would be discussing the potential for a European public digital currency with his counterparts on the continent next month. He also reiterated his concerns that the proposed Libra stablecoin could pose risks for consumers, financial stability and even “the sovereignty of European states.”

Switzerland is open to Libra

Contrary to Germany and France, Switzerland’s Financial Market Supervisory Authority director Mark Branson said on Sept. 12 that the agency is open to international cooperation and oversight of the way in which it regulates Facebook’s planned cryptocurrency network.

Branson stipulated that Libra’s global significance can only be tackled through international coordination and consultation, and added:

“Such a ‘beauty contest’ did not exist. Our first contact with the initiators took place after the decision for Switzerland had already been made and communicated. That’s positive. The ‘jurisdiction shopping’ you alluded to would be very sensitive. It would put pressure to get as loose as possible standards.”

Source: Cointelegraph

A draft proposal for an Iran crypto mining license is being reviewed by the central bank. Cryptocurrency mining has proliferated...

North Korea’s crypto plans are stacked to compete with Bitcoin and they’re planning on fighting fire with fire. The East...

Altcoins are still in the spotlight while Bitcoin continues consolidating. Right now the markets are choppy, giving mixed technical signals....

VibraVid Inc. has revealed that the initial exchange offering (IEO) of their token BeatzCoin (BTZC) will be hosted on ProBit...

Bitcoin fails to impress while it is back at trading sideways at $10,200, as most of the altcoins experience a...

Brexit, the European divorce saga that has been going on for years, has created a lot of headaches for politicians...

South Korean exchange UpBit has announced the delisting of certain privacy coins, citing money laundering concerns South Korean cryptocurrency exchange...

The trading week of Ethereum did not leave market participants alone. On the back of Bitcoin, which yesterday was able...

Bitcoin price continues to toy with trader sentiment, after making an unexpected recovery to trade back above USD 10,000, if...

Patrick Byrne, Overstock’s former CEO reportedly sold his thirteen percent (13%) stake in the firm for ninety dollars ($90M) in...

Telecom company Verizon just won a patent that allows it to start making virtual SIMs on blockchain technology. The company...

Thanks to Arba, Bitcoin adoption in the Philippines is breaking records. According to the announcement made by an investment platform...

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as...

After incurring a sudden influx of buying pressure that sent Bitcoin’s price surging to highs of nearly $10,500, BTC has...

A cryptocurrency entrepreneur has been charged with extorting an unnamed, Seattle-based digital asset startup. Steven Nerayoff stands accused of threatening...

Former iced tea-turned-blockchain company Long Blockchain Corp. has sold its beverage subsidiary. Long Blockchain Corp., previously named Long Island Iced...

BitMEX CEO and co-founder Arthur Hayes says traditional traders could lose their lunch breaks and weekends once digital finance starts...

Cryptocurrency exchange Seed CX is cutting its trading fees to one of the lowest levels in the industry in an...

Governments and private companies think that blockchain identity systems could empower citizens to take control of personal data. The rapid...

The current status of cryptocurrency in Iran raises a lot of questions. While not officially banned, there are a fair...

Stefan Rust, the new CEO of Bitcoin.com, sat down to answer all your questions about his work and how furthering...

Can the altcoins continue their rally after a shallow pullback? Let’s analyze the charts. Though Bitcoin’s (BTC) price action has...

A Discord scam is promising over two thousand dollars for registering with their website Billaxy.com. The malicious actors have been...

Privacy coins are facing a threat over the latest regulatory requirements for transparency. Relatively well-accepted assets like Dash (DASH), Monero...

Latest updates pertaining to the Stratford City Hall ransomware attack have emerged. According to reports, a total of 10 bitcoins...

NASA (National Aeronautics and Space Administration) appears to be on the hunt for a data scientist who, amongst other qualities,...

During the 2017 crypto craze and ICO boom, retail crypto investors loaded up on new, untested altcoins in hopes of...

Bitcoin price is consolidating ahead of what most expect to be a major move – one that’ll set the trend...

The Malaysian Ministry of Education has introduced a blockchain platform to tackle the rampant use of fake educational certificates. The...

The U.K. Financial Conduct Authority has warned the public about a cryptocurrency investment clone firm called First BTC FX. The...

Fraudulent advertisements have reportedly begun to circulate Facebook, offering to join the Telegram Open Network investment platform. Fraudulent advertisements have...

Some in the crypto community have embraced Puerto Rico. Could it be the country for you? Some in the crypto...

It’s Friday and the week is coming to an end. Overall it was a pretty quiet week for most crypto...

According to public data, a number of individuals are creating tokens using the Simple Ledger Protocol (SLP) on the Bitcoin...

Verizon has won a patent in the United States for technology that can create blockchain-based virtual SIM cards. Leading communications...

Quite impulsive was Thursday for Bitcoin and closer to the end of the day we decided to analyze the emotional...

John McAfee believes that Bakkt’s involvement in cryptocurrencies may increase its adoption. Contradictorily he stated he would never use the...

Ripple has replied in motion to a lawsuit that XRP tokens cannot be considered security since the criteria for being...

Dash price can expect a bullish turn over once the one hundred dollars ($100) mark is surpassed by the bulls....

Trading volumes for Bitcoin (BTC) on the Bitfinex exchange seem to vanish into thin air. Analysts noted that about a...