Tuesday, June 22, 2021

Germany’s Finance Minister roots for idea of national cryptocurrency

The Takeaway:

Germany's Finance Minister and Vice-Chancellor, Olaf Scholz, is supporting the idea of launching a national digital currency. Scholz believes the project should not be given to private firms, and this digital currency will be good for the financial center of Europe.

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Finance Minister of Germany, Olaf Scholz, has proposed the idea of launching a national digital currency or digital euro. He thinks that such a way of payment will be beneficial for the financial center of Europe, and this will help in the wider adoption of the currency in the world’s financial system.

Scholz added that Germany should participate in the development of digital currencies before countries like China, Russia, the U.S., or any other private firm take over aiming at Libra. Last month, Germany passed a blockchain strategy that would prevent the existence of any parallel currencies in the country.

At that time, Scholz said that the issuing of currency is the core element of state sovereignty, and this task should not be handed over to private companies. Before this, some lawmakers from the U.S. decided to put forward the idea of launching a digital dollar. Representatives French Hill (R-Arkansas) and Rep. Bill Foster (D-Illinois) asked the Federal Reserve, and the central bank to look into the matter of developing a national digital currency.

China, on the other hand, is ready to roll out a digital version of its currency, which can be expected to be out for use by the end of this year or by mid of next year.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Allums
Thomas Allums
Although Thomas is an experienced writer, he is also a passionate musician who loves to travel often. He is based in New York and loves to spread the word about decentralization throughout his neighborhood.

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