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Germany’s Scholz sounds alarm on cryptocurrencies such as Facebook’s Libra

BERLIN, July 16 (Reuters) – German Finance Minister Olaf Scholz said regulators must ensure that cryptocurrencies such as Facebook ‘s planned digital coin Libra do not threaten financial stability and consumer privacy.

“The issuance of a currency does not belong in the hands of a private company because this is a core element of state sovereignty,” Scholz said ahead of a G7 meeting in France later this week.

“The euro is and remains the only legal means of payment in the euro area,” Scholz said. Berlin was coordinating its efforts internationally with its allies to ensure financial stability, consumer protection and the prevention of entry-gates for money laundering and terrorist financing, he added. (Reporting by Michael Nienaber Editing by Madeline Chambers)

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