Another country is joining the anti-Libra parade. Germany’s federal finance minister, Olaf Scholz, stated that he is strongly against Libra and support e-euro instead.
The minister stated that he is very, very critical about Libra and other private currency projects. On the other hand, he confessed that he supports the idea of a digital euro or e-euro.
According to a report by local business news, Witschafts Woche, Scholz believes that e-euro is good. He added that building a payment system through issuing digital euro will benefit the European financial system.
Furthermore, it could be an opportunity to reorganize the global financial system into a euro-based one. He encouraged that Europeans should not let that opportunity be snatched away. China, Russia, the United States, or private companies being the most prominent snatchers.
Just like other countries, Scholz strongly disagree if any private company issue a currency. He insisted that currency issuance should be on the hand of the government,
“A core element of state sovereignty is the publication of a currency, we will not leave it to private companies,” Scholz stated.
E-euro is a good idea, but not Libra
Not only European countries, other countries are also showing their concerns about the currency after the White Paper release. Japan, for example, has called out for an international regulation for the project.
Meanwhile, US government are stern on digging further into the project. Further, it insisted to call upon Mark Zuckenberg himself to testify about the project.
The Libra Project has also lost some of its founder council. Paypal decided to step down from the association. While Visa and Mastercard are reportedly reconsidering their position as the member of Libra Project.
However, Zuckenberg and his team are persistent on this project. Though he didn’t come up with a fixed date, he is sure to launch Libra as soon as possible.
The as soon as possible would not be as soon as expected, though. Ripple CEO, Brad Garlinghouse believes that there should be at least 3 years delay for Libra.
On an interview with Fortune Magazine, he stated:
“I would bet that Libra… let’s say, by the end of 2022, I think Libra will not have launched.”