Berlin plans to fight with alternative cryptocurrencies

Posted 19 September, 2019

Germany has reportedly approved the plan for blockchain regulation which would ban any parallel currencies n the country. Notably, these measures will cover Facebook's Libra project particularly.

According to the report by Reuters, the government believes that it is necessary to take measures that boost the digital economic transformation in the country and promote the development of blockchain as a part of futures internet. Still, the authorities have to protect the economy from the risks that can be brought by new technologies. 

Notably, Germany will fight against alternative currencies following its allies in Europe and the world.

"A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies," noted Finance Minister Olaf Scholz.

German officials have already proposed to restrain the development of the Libra and other private stable coins. At the same time, the government does not rule out launch of own cryptocurrency and blockchain Bundes-Chain.

As it was reported:

"Berlin will intensify its existing dialogue with the Bundesbank, Germany’s national central bank, about digital central bank money in order to explore the current state of developments and address possible risks"

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