The Strategist

German Finance Ministry calls to issue digital Euro

10/08/2019 - 08:14

German Finance Minister Olaf Scholz believes that the country should not lag behind other states or private companies with the issuance of digital currency, reports Wirtschafts Woche.

“Such a payment system would be useful for the financial center of Europe and its integration into the global financial system. We should not leave this field of activity to China, Russia, the United States or any private players,” Scholz said.

Last month, the German government adopted a blockchain regulatory strategy that bans the country from issuing any parallel digital currencies, including Facebook's Libra.

“The key element of state sovereignty is the issue of money, and we will not leave this task to private companies,” the minister emphasized then.

Recall, the French finance minister said that the development of Libra in Europe will be blocked. The European Commission has already launched an antitrust investigation against Facebook’s stablecoin that does not even exist yet.

Earlier in the US Congress, the Fed also offered to issue a digital dollar. US lawmakers are concerned that the People’s Bank of China has completed development of the RMB-based CBDC.


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