Search ForexCrunch

I wouldn’t call German finance minister Scholz a troll but it seems he has some choice words to say about Libra, again!.

He said “The withdrawal of several important companies from Libra Project is a good sign”.  

This is not the first time that German delegates have commented on Libra. Both France and Germany had  agreed to block Facebook’s Libra. Previously in a joint statement, they said  “no private entity can claim monetary power, which is inherent to the sovereignty of nations”

Scholz then added “I see the project as a threat to the autonomy of states and to democratic governance in our society. We must ensure that the issuance of a currency remains a matter for states and not large private companies,” in comments made earlier today.  

Thing are getting from bad to worse but Mark Zuckerberg can answer all these questions and defend himself soon as he is called before the Senate. On October 23rd he can explain why all of the companies have been leaving and defend himself after other senate members grilled his co-founder David Marcus.  

Bitcoin didn’t need anyone’s blessing before it started and I am beginning to wonder if Facebook will kick start Libra without approval. It is an important step for finance as it could be more efficient and affordable for users.