Sunday, May 31, 2020

Olaf Schulz: Facebook’s Libra cryptocurrency should be banned

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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]

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