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Diem instead of Libra: “A wolf in sheep’s clothing remains a wolf”

Last updated on March 9, 2021

The federal government remains firm in its rejection of Facebooks crypto-currency Libra – even if it bears a new name. Finance Minister Scholz finds clear words.

Federal Finance Minister Olaf Scholz (SPD) has reiterated his rejection of the recently renamed Facebook digital currency Libra. “A wolf in sheep’s clothing remains a wolf,” Scholz said after an online meeting of G7 finance ministers and central bank governors.

“It is therefore clear to me that Germany and Europe cannot and will not accept a market entry as long as the risks are not adequately addressed by the regulatory authorities,” he stressed. After the meeting, the US Treasury Department also confirmed that the G7 agreed that digital currencies must be strictly regulated.

The digital currency developed on Facebook was recently renamed from Libra to Diem (“day” in Latin) . This is supposed to symbolize a “new tag for the project,” according to the Association for Crypto-Currency Management. Diem meets with resistance The world’s largest online network had developed digital money, but then left control to the Swiss-based organization. The project, which was presented in June 2019, met with massive resistance from governments and regulators and it is still unclear when it can be launched. Facebook and the Association have always stressed that the digital currency will only be launched with the approval of regulators. CRYPT CURRENCIES – The 1×1 of the investments in Bitcoin & Altcoins: How to understand the block chain correctly, invest intelligently in crypto currencies and achieve maximum profits

Last spring, in view of the pressure, there were already drastic changes to the concept. The original plan was to hedge Libra with a basket of different currencies and government bonds. In the meantime, there are to be Libra units that are firmly pegged to individual national currencies.

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