Blockchain

Thomas Heilmann; Government to Cease Facebooks Libra in Germany.

Germany’s federal government has expressed its denial to allow the development of Facebook Libra Stablecoin in Europe in a report captured in magazine Spiegel on September 13.

According to the Christian Democratic Union (CDU) parliamentarian who in-charge of the blockchain policy of the CDU / CSU parliamentary group, Thomas Heilmann, the committee will deny any future developments and activities of Facebooks Libra Stablecoin.

Per the report the activities of Facebooks Libra would be a detriment for the economy “Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks,”  Thomas said “Once a digital currency provider dominates the market, it will be quite difficult for competitors.”

However, the federal government of Germany is not the only one with a negative frame of mind towards Facebook stablecoin. Bruno Le Maire France’s Finance Minister and US President Donald Trump have also expressed their disagreement.

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