As German weekly news magazine Spiegel reported on Sept. 13, the Christian Democratic Union (CDU) parliamentarian Thomas Heilmann — who is responsible for the blockchain policy of the CDU and Christian Social Union in Bavaria set to be approved later in September — the government will deny projects like Libra.
“Not to allow market-relevant private stablecoins”
“Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.”
Europe’s own public cryptocurrency
At a meeting of EU finance ministers in Helsinki, Le Maire said that he would be discussing the potential for a European public digital currency with his counterparts on the continent next month. He also reiterated his concerns that the proposed Libra stablecoin could pose risks for consumers, financial stability and even “the sovereignty of European states.”
Switzerland is open to Libra
Contrary to Germany and France, Switzerland’s Financial Market Supervisory Authority director Mark Branson said on Sept. 12 that the agency is open to international cooperation and oversight of the way in which it regulates Facebook’s planned cryptocurrency network.
“Such a ‘beauty contest’ did not exist. Our first contact with the initiators took place after the decision for Switzerland had already been made and communicated. That’s positive. The ‘jurisdiction shopping’ you alluded to would be very sensitive. It would put pressure to get as loose as possible standards.”