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

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

Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that some 30% of the country’s youth are now invested in cryptocurrencies. Zimbabwe Ready to Make Concessions on Cryptos According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these....

Article updated on August 19th at 14:31 (BST). The German ministry of finance (Bundesministerium der Finanzen) has officially recognised bitcoin, mentioning the digital currency in a reply to an inquiry in parliament. "The German Ministry of Finance does not classify bitcoins as e-money or as a functional currency, they cannot be regarded as a foreign currency. Nevertheless they have to be subsumed under the German term of 'Rechnungseinheit' as a financial instrument," Martin Chaudhuri, of Bundesministerium der Finanzen, told CoinDesk. German news website Die Welt reports Member of....

Europe's largest economy is looking to pave the way for securities trading on the blockchain. The German word for securities is wertpapieren, or "papers of worth," which may soon be as outdated as nocturnal traders saying they're burning the midnight oil.Per a Reuters report from Wednesday, Merkel's cabinet had passed a new law that will end the requirement to have a paper certificate for sale of a security, overtly looking to advance blockchain trading within the country.German Finance Minister Olaf Scholtz reportedly said, “The paper certificate may be dear to some for nostalgic reasons,....

German finance minister says “A wolf in sheep's clothing is still a wolf.” Facebook’s Diem stablecoin, which recently changed its name from Libra, is still failing to impress German regulators.As reported by Reuters,  German Finance Minister Olaf Scholz voiced his criticism of the project on Monday after a conference between G-7 finance ministers and central bank directors. Scholz called Facebook’s project “a wolf in sheep’s clothing,” highlighting that changing its name would not change its fundamentals. According to him, Facebook and the Diem Association have failed to adequately address....