Germany would rather support the digital euro: Vehemently opposes Libra

• Germany’s finance minister believes that a Libra-like payment system based on the euro will do well in the European region.
• Just like France, Germany is skeptical of Facebook Inc.’s Libra.

The minister of finance in Germany Olaf Scholz has no problem with having the euro in a digital form but believes Facebook’s plan to get involved in the currency world is misadvised. Scholz was speaking to a local news outlet WirtschaftsWoche when he announced his support for a digital euro.

“A payment system like that would be good for Europe as a financial center and its integration into the world financial system.”

The finance minister  remains “very, very skeptical” when it comes to Facebook’s Libra project. According to him, the mandate of issuing currency remains with nations with the sovereignty to do so and cannot be extended to private companies.

As reported last week, Apple CEO Tim Cook was also opposed to the idea of a company being involved with matters to do with currency issuance. He squashed ideas that Apple would consider launching a digital currency in the future.

Facebook hopes to have Libra up and running in mid-July. However, no specific date  has been mentioned. Libra’s launch will depend on Facebook’s ability to clear concerns from regulators as soon as possible.

On October 24, a cryptocurrency futures trading platform CoinFLEX will launch a futures product that will be settled with Libra tokens if the project launches by December 2020.

More:  CoinFLEX exchange will launch physically settled Libra futures on October 24