“I Do Not Support Private Sector Digital Currencies”

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As the leading cryptocurrency Bitcoin (BTC) is moving towards the all-time record, statements from regulators and government officials continue to come against cryptocurrencies. Germany’s Finance Minister Olaf Scholz also made similar points in a statement he made today. Scholz stated that he does not support privately owned digital currencies and actually gave a message for cryptocurrencies.

Germany lags behind in digital currency studies

It is a known fact that Europe and Germany are behind Asia in terms of transition to the digital finance sector. China has made serious progress in its digital currency DCEP, and it is emphasized that its development has come to an end. Europe and the USA are behind in digital transformation.

Emphasizing this, Scholz stated that it is essential for both Europe and Germany to make progress in adapting their digital banking systems to the digital age. Scholz emphasized that the said development did not include digital currencies that were specifically released to prevent misunderstanding of this statement.

“I do not support private sector digital currencies”

It can be said that digital currencies highlighted by Scholz include both technology giant private companies such as Facebook and decentralized cryptocurrencies such as Bitcoin. Scholz, in his statement to the delegates of the European Banking Congress, stated the following about the digital currencies released by the private sector:

“I do not support private sector digital currencies.”

Germany attaches great importance to the blockchain part of digital transformation. Although there is no clear digital currency decision from German officials yet, the fact that France has started working for the Digital Euro may lead to news about it soon. Despite this statement made by Scholz, the crypto money regulations in Germany continue in a very pro-sector manner.


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