Germany Passes Law to Ban Parallel Currencies Like Libra
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Angela Merkel's government has just passed a law aimed at preventing private currencies like Libra from becoming an alternative to national currencies.

According to Reuters, Angela Merkel's cabinet has passed a strategy focused on preventing this type of currency from threatening state sovereignty. Why? This measure comes shortly after Facebook announced Libra, an ambitious project that could have a great influence on financial stability due to the social network's huge user base.

Regulators from all over the world fear Facebook's stablecoin, as it could become an alternative to national currencies, which is exactly what Germany wants to avoid with this new law.

However, the German knows how important blockchain tech is, so the country's Finance Minister Olaf Scholz says the government wants to consolidate Germany as a leader in the tech sector and foster blockchain-related innovation.

However, he has been very clear about Facebook's currency:

"We must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies."

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