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.

Nov 20, 2020, 4:03 PM

Updated Aug 19, 2021, 5:46 AM

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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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