Here’s something interesting. Longtime frenemies, France and Germany, have joined forces against Facebook’s upcoming cryptocurrency.
Deutsche Welle reports that French Finance Minister Bruno le Maire and his German counterpart Olaf Scholz have both agreed to block the planned introduction of Libra in the Eurozone. In a statement, the two said that the virtual currency could undermine the “monetary sovereignty” of states and that it could pose serious risks to consumers.
“France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed,” read the statement. The finance experts also agreed that the 19-country eurozone will pursue a tough regulatory approach should Libra seek authorization to operate in Europe.
The two, however, said they would back a public, possibly ECB-developed, cryptocurrency.
The statement comes shortly after le Maire said that France would block Libra’s development in Europe. Speaking at an OECD conference, the French economic and finance minister said that his country “cannot authorize the development of Libra on European soil.”
The German government had a similar nein for Libra over the weekend, with the German grand coalition, which governs the two biggest political parties in Germany, looking to block all private stablecoins from ever existing in the country, according to The Block.
Members of the German government will be meeting this month to approve a blockchain strategy which will “not allow market-relevant private stablecoin” to exist in the country.”
Photo: Cobber17, Jpbazard
