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Rebranded Libra Still a ‘Wolf in Sheep’s Clothing': German Finance Minister

German Finance Minister Olaf Scholz took aim at the rebranded lDiem and said it would take more than cosmetic changes to smoothen regulatory concerns.

Dec 7, 2020 at 7:36 p.m. UTC
Updated Sep 14, 2021 at 10:39 a.m. UTC

The Libra Association may have rebranded itself as Diem but that means little to German Finance Minister Olaf Scholz. 

According to a Reuters report, Scholz said in a statement that Libra’s rebranding as Diem was merely a cosmetic change.  

“A wolf in sheep’s clothing is still a wolf,” he said following a video conference of G7 finance ministers on Monday. He added, “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed.”

In his statement, Scholz also stressed the importance of ensuring currency monopoly remains in the hands of nations. 

According to a November report, Scholz has previously expressed his dislike for private cryptocurrencies but does support initiatives such as digitizing the euro. 

Composed of 27 member firms, the Diem group is also reportedly planning to launch its "diem dollar" stablecoin in January. 

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