Germany opposed the launch of the Libra cryptocurrency project

The German authorities, following the French government, intend to prevent the launch of the Libra cryptocurrency project.

Thomas Heilmann, a parliamentarian from the Christian democratic Union of Germany, said that according to the state strategy on blockchain, which members of the German government are due to adopt this month, private stablecoins will be banned in the country.

“Central banks have so far done an excellent job of countering the crisis and inflation, which has had a great impact on the country’s economy. However, this task will become much more difficult after the market is dominated by digital currency providers,” heilman said.

Recall that on Thursday, French Finance Minister Bruno Le Maire also opposed the development of the Libra cryptocurrency project on European territory, as this could threaten the currency sovereignty of the state.

However, the German Finance Ministry was more loyal to bitcoin, recognizing the first cryptocurrency as a means of payment in March last year.