';
Views Article – Sharenet Wealth

Forex, News

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)


© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.