Stable-Coin Series: After French Hurdle, German’s Finance Ministry Becomes Tormentor For Facebook’s ‘Libra’

France’s finance minister Bruno Le Maire and his German counterpart Olaf Scholz expressed their concerns in a joint statement issued at a meeting of euro-zone finance ministers in Helsinki.

Very recently, the French finance minister Bruno Le Maire separately confronted Facebook’s Libra by stating that the country will block the development of the digital currency in Europe.

Such decision is most likely to come in foreseeing that the Libra could be a potential risk and threat for the country’s sovereignty, accordingly, the precautious actions are to be taken as the ministry is concerned about Libra’s impact on the financial stability, as per Reuters report.

While ECB board member Yves Mersch also said in the recent past that the global acceptance of Libra currency could even destabilize the European Central Bank’s ability to set monetary policy, a potential risk for the currency bloc as well.

For now, according to other sources, German Vice-Chancellor and Finance Minister Olaf Scholz has also mentioned that Facebook’s crypto-project Libra would be clearly rejected. 

He said during a panel discussion in Berlin, “we cannot accept a parallel currency. You have to reject that clearly.” German authorities are associating with their European and other intercontinental affiliates to ensure stable-coins unlikely to replace traditional fiat currencies.