Scholz, speaking with reporters at the IMF and World Bank fall meetings in Washington, cited growing concern about such "stablecoins" and the potential global risks they posed. At the same time, we must protect consumers and state sovereignty.
Cointelegraph detailed in September that German Finance Minister Olaf Scholz expressed that policymakers can't acknowledge parallel monetary forms, for example, Facebook's proposed Libra stablecoin. 'Unwelcome in Europe'French Economy Minister Bruno Le Maire said Italy, Germany and France will take further steps in the upcoming weeks to "to show clearly that Libra is unwelcome in Europe".
"They didn't just say yes to a new currency as a medium of exchange; they consciously made a decision to transfer part of their sovereignty to the European level".
"I favour not allowing the establishment of such a global currency because that is the responsibility of democratic states", he said.
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"There is a need for reform", he said, noting that cross-border payments in particular should become faster and cheaper, but without jeopardizing the autonomy of states.
On Monday, the backers of the Switzerland-based Libra initiative confirmed their backing for the transnational cryptocurrency project, but seven key founding members of the consortium have withdrawn their support, including Visa, Mastercard, and PayPal.
But the Libra Association has tried to ward off a blockade by saying it will address the concerns posed by government officials. The Libra Association was officially launched on Monday in Geneva, Switzerland, and issued a statement claiming that the digital currency is being created to "respect national sovereignty over monetary policy", not undermine it. Co-founder Mark Zuckerberg is due to testify before the US Congress next week in regards to Facebook's impacts on the financial services sector.
But such efforts will be confined to private-sector settlements, he said, adding that the G20 did not discuss the idea of central banks issuing digital currencies.
"The future in five years, if we don't have a good answer, is basically China rewiring" a large part of the world "with a digital renminbi running on their controlled blockchain", Marcus said.