Olaf Scholz, Germany’s finance minister and vice-chancellor, has revealed he would support the launch of a digital euro, which would presumably be a blockchain-based cryptocurrency.
According to German business news magazine WirtschaftsWoche, Scholz noted issuing a digital currency shouldn’t be left to countries like China, Russia, or the United States, nor should it be left to private companies like Facebook, which is planning to launch Libra next year.
Showing his support for a digital euro, Scholz stated:
Such a payment system would be good for financial center Europe and its integration into the world financial system.
Last month, as covered, Germany passed a blockchain strategy set to block the launch of Facebook’s Libra, and that of any other parallel currency. Per Scholz, a core element of state sovereignty “is the issuing of a currency,” a task that isn’t going to left “to private companies.”
Last week, U.S. Federal Reserve chairman Jay Powell was asked by two Congressmen to consider developing a national digital currency, a digital dollar. China has been rumored to be ready to launch its own digital currency as well.
Venezuela has launched its oil-backed cryptocurrency, the Petro, last year, while Iran has reportedly launched a gold-backed cryptocurrency called PayMon.
Featured image by AC Almelor on Unsplash.
