The Federal Ministry of Finance has a report that concerns about the digital currency of the Internet giant Facebook.
Together with the Bundesbank, the government wanted to examine how the establishment of the Libra could be prevented as an Alternative to national currencies such as the Euro, was quoted by the newspaper “Bild”from an internal paper of the Ministry. The Ministry of Finance did not want to comment on the report on Tuesday. In government circles it was said, however, the crypto-currency Libra is clearly a challenge, not least for Central banks. The Euro should remain the only means of payment in the Euro area. It was not clear that currencies such as the Libra are likely to as an Alternative established.
Facebook founder Mark Zuckerberg had announced in June the launch of its own Internet currency. With stable currencies such as US dollars or euros you should be able to buy them starting in 2020. With this virtual currency then purchases could be paid for on the Internet. In addition, it is aimed at people who want to transfer across borders of money and yet high fees to pay. Data protection the project will see, however, skeptical.
Also, the US Treasury Secretary Steven Mnuchin was critical to the planned crypto-currency. His Ministry had “serious” concerns that Libra money launderers and financial supporters of terrorists it could be in need of. Also, the Chairman of the US Federal reserve’s Jerome Powell, the French Finance Minister, Bruno Le Maire, and the Governor of the Bank of England, Mark Carney, have already spoken out against Libra.
On Wednesday to discuss the Finance Ministers of the seven leading industrial countries at their Meeting in the vicinity of Paris about the digital currency. Facebook self-assured, to the Libra only after the approval of the regulatory authorities to introduce. Concerns should be resolved prior to the Start completely.
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