Tuesday, November 12, 2019

Olaf Schulz: Facebook’s Libra cryptocurrency should be banned

Featured

Trump said: Sondland is great American now President’s famous ‘U-turn’

President Donald Trump has a history of distancing himself from associates who have found themselves in legal trouble or...

Babri mosque: Indian Supreme Court ruled in favor of Hindus in a dispute over a religious position with Muslims

India's Supreme Court on Saturday ruled in favor of a Hindu group in a long-running legal battle over a...

France Visa: New point-based skilled immigrant program to be enforced by summer 2020

France will introduce new point-based skilled immigrant program (France Visa), will come to force by summer 2020. French government...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

German Finance Minister Olaf Schulz on Friday renewed his criticism of Facebook’s plans to launch its cryptocurrencies, Libra, and said a new world currency should be banned.

Speaking to reporters during the fall meetings of the International Monetary Fund and the World Bank, Olaf Schulz cited growing concern about such “stable cryptocurrencies” and the potential international risks they pose. He said he was “very skeptical” about Facebook’s plans.

Read also: EU interrogates Facebook about Libra

The Group of Seven industrialized nations issued a new report on Thursday saying such cryptocurrencies should not be allowed until the major international risks they pose are dealt with.

A G7 working group said “stable cryptocurrencies”, cryptocurrencies usually backed by other traditional funds and assets, could threaten the world’s monetary system and financial stability. Most of these emerging technologies are not regulated at the moment, and Schultz said it is clear that the financial sector needs certain changes.

“There is a need for reform”, Olaf Schulz said, pointing out that cross-border payments in particular should be faster and cheaper, but without jeopardizing the independence of states.

Read also: G7 warns Facebook against launching Libra before proving safe

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Gantz will meet Yisrael Beiteinu party head to avoid new elections

Benny Gantz, head of the Blue-White coalition, said Monday that he will meet with Yisrael Beiteinu leader Avigdor Lieberman...

Farage declares not to compete for conservative seats in the upcoming elections

Britain's Brexit party leader Nigel Farage has said he will not contest 317 seats in the Conservative Party in 2017, in light of the...

Germany: Europe should consider renewing sanctions on Iran’s nuclear deal breach

Britain, France and Germany should be prepared to respond to Iran's violations of the 2015 nuclear deal, which could mean the resumption of international...

Singapore bans electric scooters

Singapore is serious about wrestling with the tide of electric scooters: The strict Southeast Asian city-state, which offers virtually no bike paths, banishes them...

US report reveals new secrets: Turkish authorities keen to promote false efforts to prosecute ISIS leaders

In an attempt to obscure its support for terrorism, the Turkish authorities keen to promote false efforts to prosecute ISIS leaders, weeks after the...
- Advertisement -

Related News