October 15, 2019 / 2:38 PM / a month ago

Withdrawal of companies from Libra project is a good sign: Scholz

FILE PHOTO: A 3D-printed Facebook Libra cryptocurrency logo is seen in front of displayed German flag in this illustration taken, September 13, 2019. REUTERS/Dado Ruvic

BERLIN (Reuters) - Germany’s Finance Minister Olaf Scholz told Reuters on Tuesday that the recent withdrawal of several important companies from Facebook’s Libra project was a good sign, adding that the plan poses a threat to the stability of world finances.

Facebook Inc’s ambitious efforts to establish a global digital currency called Libra suffered severe setbacks in recent weeks as major payment companies including Mastercard and Visa Inc quit the group behind the project.

“It’s a good sign that important companies have withdrawn from this project,” Scholz said in an interview with Reuters.

“I see the project as a threat to the autonomy of states and to democratic governance in our society. We must ensure that the issuance of a currency remains a matter for states and not large private companies,” Scholz added.

Reporting by Michael Nienaber,

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below