The German government are set to approve a blockchain strategy which was announced months ago but this may throw a spanner in the works for Facebook's planned Libra.
The strategy from the German's is expected to be approved at some point this month but there is a part of it that says it was agreed "not to allow market-relevant private Stablecoins" says the CDU parliamentarian Thomas Heilmann.
Facebook's Libra will fall into this category and the value is supposed to be pegged to a basket of currencies.
Heilmann went on to say "Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks," he then added, "Once a digital currency provider dominates the market, it will be quite difficult for competitors.".
Germany are not alone with their negative views on Libra. France's Finance Minister, Bruno Le Maire, stated that the project could cause "significant disruptions in the financial system".
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.