Altcoin News: Germany Approved a Strategy to Counter Alternative Currencies, Including Libra

September 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The German authorities approved a full-blown blockchain strategy designed to prevent the existence of alternative currencies in the state along with the official, including Facebook-developed stablecoin Libra.

According to Reuters, Federal Chancellor Angela Merkel’s government says it wants to support the digital transformation of the economy, but fears the risks associated with new technologies.

“We want to be at the forefront and further strengthen Germany as a leading technology location,” Finance Minister Olaf Scholz said, adding that blockchain technology could contribute to this as it was a building block of the future Internet. “At the same time, we must protect consumers and state sovereignty,” Scholz said. — “A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies.”

According to the approved strategy, the German authorities will work closely with colleagues in Europe and beyond to prevent stablecoins from becoming alternative currencies. In addition, the government will work with the central bank to create state digital money.

Author: Marko Vidrih