The president of the German central Bank plans to compete with the Libra

January 7, 2020 by Antoine

Although it is not enthusiastic to the idea of launching a crypto-currency which is parallel to the currency of Europe, the president of the German central Bank has encouraged banks and european companies to explore the potential of new technologies to prevent a possible dominance of the payments industry by the american giants and, specifically, Facebook and Libra.

Of payment solutions at the height of the Libra

The crypto-project Libra announced by Facebook and his friends (twenty partners) has not ceased to alert european leaders that this is on the political, economic, or commercial.
Some of the key figures of the european Union as Bruno Le Maire (French minister of Finance) has been particularly aggressive towards the Libra.
Recently, it is Jens Weidman, the president of the German central Bank which has launched an alert message to commercial banks and other financial firms deal with the impacts that the Libra could have within the european Union.

No crypto-currency for the EU up to now

The incentive of Jens Weidman to produce services as effective and revolutionary as the Libra responds to a need for changes to the finance and commerce. In his statement, he says that the State should not participate in this kind of project for the moment while the ECB has established a working group on digital currencies in order to define objectives on the sector.
This being the case, the members of the Union appear to consider the discretionary technology outside the european framework. Thus, France has issued a new regulation on the Blockchain and the crypto in the framework of the law Covenant, while the German central Bank is engaged in an experiment of the crypto-currency with commercial banks.
What do you think of these statements from Jens Weidman on the operation of payment services, digital and crypto-currencies ? Give your opinion in the comments section.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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