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German Coalition Bans Development Of Libra Project


The German parliament and the federal government will block the development of the digital currency Libra and other "private stablecoins" in Germany, Spiegel reports concerning parliamentarian Thomas Heilmann.

The coalition has already developed a strategy for regulating blockchain technology, and the government is ready to approve it. It will fix the ban of Libra and its analogues.

According to Heilmann, who is in charge of drafting the document, central banks still coped well with inflation and crises, and the dominance of the digital currency provider will complicate the situation.

At the same time, the government does not exclude the possibility of creating its own digital currency and the Bundes-Chain blockchain and is also ready to support the development of technology startups in this sector.

Earlier, Libra was criticized by German Finance Minister Olaf Scholz, and the head of the Bundesbank, Jens Weidmann, urged politicians not to limit innovation.

The Libra Association believes that all problems with regulators will be solved, and the currency itself will be launched in the second half of 2020.