‘Very, Very Skeptical:’ German Finance Minister Opposes Facebook’s Libra
Germany’s finance minister Olaf Scholz said in an interview that he intends to keep money issuance under the state’s control.
Scholz: Germany wants E-euros, not Libra
Speaking to local financial news outlet WirtschaftsWoche on Oct. 3, Scholz revealed that he would be keen on seeing a so-called E-euro, adding:
“A payment system like that would be good for Europe as a financial center and its integration into the world financial system.”
“A core element of national sovereignty is currency issuance; we would not leave that to private businesses.”
Frosty Libra welcome continues
“I’m not comfortable with the idea that a private entity can create a modern currency,” he said in an interview with French publication Les Echos. He added that Apple would not attempt to replicate Facebook’s currency experiment.
As Cointelegraph reported, Libra’s latest roadmap suggests that its developers still have full faith in the project and intend to continue progress toward launching a mainnet.
A rough release timeframe of Q2 2020 was circulating for several months before Facebook CEO Mark Zuckerberg conversely said that the company had no deadline for a launch.
On Oct. 4, payments network PayPal officially pulled out of the Libra Association.