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    Germany's Grand Coalition Looks To Deny All Private Stablecoins Like Facebook’s Crypto Libra

    France and Germany have agreed to block Facebook’s Libra cryptocurrency. In a joint statement, the two governments confirmed that no private entity can claim monetary power, which is inherent to the sovereignty of nations.

    The EU is taking a tough, regulatory-laden approach to Facebook’s Libra, and is considering coming up with a common set of rules for cryptocurrencies in general. ECB board member Benoit Coeure said that when Facebook announced Libra, it was a “wake-up call” for Europe to come up with a cryptocurrency of its own.

    Thomas Heilmann of the center-right Christian Democratic Union (CDU) says:

    “Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.”

    The federal government can certainly envisage a state-stable cryptocurrency. It also provides for its own state block chain and a new digital corporate form for companies: The digital corporation is to facilitate start-ups in this area.

    In Switzerland, Libra is applying for a payment service license, although it could face rules that typically apply to banks, regulators in the non-EU Alpine state said on Wednesday. In China, the central bank is accelerating efforts to launch the country’s digital yuan project. This move is also part of China’s plan to block Libra.

    The bitcoin price has soared so far this year, climbing some 200% as expectations around Facebook's libra, and bitcoin and cryptocurrency interest from some of the world's biggest technology companies have driven a fresh wave of bitcoin investment.

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    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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