The German government delivered another blow to Libra - according to its new strategy the cabinet in Berlin stated that while the block chain technology holds great potential, it should not be used to develop private forms of money. “A core element of state sovereignty is the issuance of a currency, we will not allow private companies to do it,” German Finance Minister Olaf Scholz commented on the government's decision. The German stance reflects similar concerns expressed by France and the skepticism in Washington.
Ah, King Canute trying to sweep the tide back again... The fact that any one of their citizens can go online and trade crypto now, and that there's nothing they can do to influence that - by design - seems to have passed them by.
trading is diff than issuing a currency! IMO "it should not be used to develop private forms of money."
Perhaps you've missed the fact that "trading" doesn't just mean "speculation". Understandably, since it's only used that way on this forum... but it also means buying and selling in the more conventional sense. Germans - like anyone, except perhaps North Koreans - can use crypto currencies to buy and sell (as well as, of course, speculate.) The "private forms of money" construction is fatuous nonsense; no government can do anything to prevent it or stop it. By design, as I've already noted.
All cryptocurrency forums I checked have discussions about Libra. I should say, most people are not going to use this currency as they are sure it is a bubble. I'm also suspicious about it. But it has to be mentioned that a lot of people are still skeptic about Bitcoin, and another part makes money on it.
If people perceive something like this backed by a giant like FB as bubble .. I wonder how come they pour millions in to Bitcoin and other crypto ..I think it is purely for speculative reasons, real store of value and use in a supply chain is still a big question with crypto currency but the "believers" won;t admit it and dismiss these questions