Merkel’s Blockchain strategy says Libra the fight

France’s reported financial Minister Bruno Le Maire following, has now also decided to Chancellor Angela Merkel’s Cabinet in a Blockchain Strategy, which declares the fight against digital ‘parallel currencies’, Reuters in the Morning.

Regulatory Hurdles

The German government wants to prevent in close cooperation with Europe, that stable coins, such as Libra, an alternative currency be Fiat.

Reuters cited Finance Minister, Olaf Scholz, said: “We must protect consumers and the state sovereignty”.

The development of digital currencies should not be in Germany alone in the hands of private companies, so Scholz.

In the on Wednesday by the Cabinet of Ministers adopted the strategy the government wants to push ahead with the digital transformation in the economy, but also the risks associated with new technologies, to tackle.

The Deutsche Bundesbank will take in the dialogue with Berlin the current status of Libra and the Blockchain industry is under the microscope.

Germany and France United

Both countries agree: Libra is a risk for the financial sector and could not be authorized in Europe in may, reported Reuters.

Facebook’s Attempts to convince the German Federal financial Supervisory authority (BAFIN) of its seriousness, have had up to now still no success.

“We have made (Facebook) specific questions and less detailed answers,” said BAFIN’s President Felix Hufeld to Reuters.

A Wake-up call for Europe

That Facebook’s Libra currency is already excitement in Europe. The Blockchain and the digital currencies can no longer be ignored by governments around the world.

To take, perhaps, a Wake-up call for Germany, Bitcoin and decentralized currencies and their effect on the economy and financial systems seriously.