German Finance Minister Says He Does Not Support Private Cryptos: Report

Olaf Scholz said banks need to adapt for a digital world but seemed to rule out private digital currencies from that future.

AccessTimeIconNov 20, 2020 at 4:03 p.m. UTC
Updated Sep 14, 2021 at 10:33 a.m. UTC

German Finance Minister Olaf Scholz, speaking at a banking congress Friday, showed no love for privately issued cryptocurrencies.

  • “I do not support private-sector digital currencies,”  Scholz said, according to Reuters.
  • Coming from the finance minister of the euro region's largest economy, Scholz's comments potentially strike a blow at two private crypto projects: Libra, the Facebook-backed retail payments network, and JPMorgan Coin, the wholesale payments chain.
  • Nevertheless, Scholz told congressional delegates that European banks must adapt for the digital future.

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