Germany against admitting Facebook Libra to the EU market

Germany against admitting Facebook Libra to the EU market

Zuckerberg takes a beating over Libra Coin, 2020 elections, and more

Following France, the German government also opposed the use of the Facebook Libra cryptocurrency in the European Union..

Christian Democratic Union MP Thomas Heilmann, who is in charge of the party’s blockchain policy, said the country’s government would reject Libra and other similar projects. According to him, the majority of the coalition decided not to allow the exit private stablecoins to the European market.

Thomas Heilmann explained this position by the fact that the economy has done a great job to combat crises and inflation with the help of measures introduced by central banks. However, once a digital currency provider dominates the market, its influence will be difficult to resist..

At the same time, according to the long-term plan for the development of the blockchain, approved by the Federal Cabinet of Ministers, the government is considering the possibility of developing a national digital currency..

Thomas Heilman’s statement  was made in response to the words of the Minister of Finance of France Bruno Le Maire, who expressed his fears that Libra threatens financial stability and even the sovereignty of European states, as well as offered EU to launch its own single digital currency to counter Facebook.

text: Ivan Malichenko, photo: pxhere

Germany against admitting Facebook Libra to the EU market