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German Finance Minister Says He Does Not Support Private Cryptos: Report
Olaf Scholz said banks need to adapt for a digital world but seemed to rule out private digital currencies from that future.
German Finance Minister Olaf Scholz, speaking at a banking congress Friday, showed no love for privately issued cryptocurrencies.
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- “I do not support private-sector digital currencies,” Scholz said, according to Reuters.
- Coming from the finance minister of the euro region's largest economy, Scholz's comments potentially strike a blow at two private crypto projects: Libra, the Facebook-backed retail payments network, and JPMorgan Coin, the wholesale payments chain.
- Nevertheless, Scholz told congressional delegates that European banks must adapt for the digital future.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
