Prevent stablecoins from becoming alternative currencies
As reported by Reuters, on Sept. 17, German Vice Chancellor and Finance Minister Olaf Scholz said during a panel discussion in Berlin that Facebook's planned crypto coin Libra will be clearly rejected. He said:
"We cannot accept a parallel currency. [...] You have to reject that clearly."
According to a document seen by Reuters, German regulators are working closely with their European and international allies to make sure stablecoins will not become alternatives to traditional currencies. The document reportedly read: