It Looks Like Germany Is Launching its Own Crypto in Order to Stem Libra

It Looks Like Germany Is Launching its Own Crypto in Order to Stem Libra

It was expected for a while but many people in the cryptocurrency space were still surprised when Facebook announced their Libra stablecoin in June and the firms backing it, including Visa, Mastercard, PayPal, Uber, Spotify, Coinbase, Xapo, and several other firms and investors.

Due to the big names backing the cryptocurrency, you would have thought that it was guaranteed to succeed.

Earlier this week, reports from Reuters surfaced in that the German Government passed a blockchain strategy bill which would look to stern any firm attempting to establish a so-called parallel currency. As covered by Ethereum World News:

“The strategy, which was purportedly approved by Chancellor Angela Merkel’s cabinet on Wednesday, is purportedly for the German government to ‘liaise closely with its European and international allies to prevent stablecoins from becoming alternative currencies’”.

Politicians in the nation added that it would have to ramp up its discussions with Germany’s central bank, the Bundesbank, in regards to the potential for “digital central bank money”, hinting that Germany could release its own cryptocurrency in an attempt to try and lessen the growth of Libra.

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This news comes after the French Minister of Finance, Bruno La Maire stated that the European Union should ban the release of Libra on the continent, noting the concern of the “monetary sovereignty of states” being threatened:

“All these concerns around Libra are serious. So I want to say this with a lot of clarity: I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil.”

Germany isn’t the only ones looking into crypto.

Rumours have come out earlier today that North Korea might be getting stuck in with the space.

As we reported earlier today:

“If NK did end up making its own cryptocurrency, I can’t imagine it being very decentralised. The things you hear about life in the country are scary, seriously scary. Being under a communist dictatorship, the whole idea of cryptocurrency would go out of the window.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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