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.
Composed of 27 member firms, the Diem group is also reportedly planning to launch its "diem dollar" stablecoin in January.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.