{"id":245442,"date":"2020-01-03T14:21:32","date_gmt":"2020-01-03T19:21:32","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=245442"},"modified":"2020-01-03T14:22:07","modified_gmt":"2020-01-03T19:22:07","slug":"german-central-bank-chief-calls-for-caution-in-developing-cbdcs","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/german-central-bank-chief-calls-for-caution-in-developing-cbdcs","title":{"rendered":"German Central Bank Chief Calls For Caution in Developing CBDCs"},"content":{"rendered":"

Jens Weidmann, the President of the Deutsche Bundesbank, has weighed in on the prospect of allowing Facebook\u2019s Libra stablecoin project in the country, as well as the efforts of countries with implementing Central Bank Digital Currencies (CBDCs).<\/p>\n

In an interview<\/a> with local news medium Handelsblatt yesterday, the policymaker gave his opinions on Libra first, explaining that should be ways to come up with alternatives to the currency that will be faster and much cheaper to implement for their customers. However, as opposed to what many countries are doing right now, he explained that governments aren\u2019t the solution to this problem.<\/p>\n

Private Firms should take the Lead<\/h2>\n

As he put it, most developed countries operate in capitalist economies, and one of the foundational principles of this economic model is that private companies are the ones to come up with solutions that will meet the demands of users.<\/p>\n

\u201cIn a market economy, it is first up to the company to develop a suitable offer for customer requests,\u201d he said, while also adding that if there is ever the need for a digital Euro like several European policymakers have called for, then governments should be given the leeway to make investigations into these assets and look into the pros and cons that they could bring.<\/p>\n

The prospect of the European Union launching a digital currency for making money transfers within the economic bloc has been championed by several people, including and especially Benoit Coeure, a Director of the European Central Bank (ECB), and French Finance Minister Bruno Le Maire. Both men have openly called for the creation of a \u201cEuroCoin,\u201d which they believe will help them- and their citizens- operate in the digital asset space without the need for Libra.<\/p>\n

No One Wants Libra<\/h2>\n

Christine Lagarde, the President of the ECB<\/a>, has also called on the financial regulator to stay ahead of the curve as regards stablecoins, and has promised to explore the implications of CBDCs on European economies going forward. However, considering that several reports have outlined that stablecoins could have some terrible implications on privacy and economic policy implementation, several top policymakers have called on Libra to be abolished from the European Union and for it to never be released.<\/p>\n

Last week, Swiss President Ueli Maurer explained that Libra has \u201cfailed\u201d in its current form, adding that the chances of the stablecoin getting regulatory approval the way it is right now are slim to none.<\/p>\n

Maurer especially called the asset peg of Libra into question, asserting that Central Banks all over the world won\u2019t allow an asset that is pegged by so many fiat currencies to operate in their jurisdictions.<\/p>\n

Regardless, Facebook is continuing in its mission to launch its stablecoin. The company has dealt with the loss of several members of its Libra Association, but no indications have given cause to believe that it could be shutting down the asset.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jens Weidmann, the President of the Deutsche Bundesbank, has weighed in on the prospect of allowing Facebook\u2019s Libra stablecoin project in the country, as well […]<\/a><\/div>","protected":false},"author":1770,"featured_media":245457,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[8824,8394,5235],"acf":[],"yoast_head":"\nGerman Central Bank Chief Calls For Caution in Developing CBDCs - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The President of the Deutsche Bundesbank, has weighed in on the efforts of countries with implementing Central Bank Digital Currencies (CBDCs).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German Central Bank Chief Calls For Caution in Developing CBDCs\" \/>\n<meta property=\"og:description\" content=\"The President of the Deutsche Bundesbank, has weighed in on the efforts of countries with implementing Central Bank Digital Currencies (CBDCs).\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-03T19:21:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-03T19:22:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/01\/images-49.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"679\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"German Central Bank Chief Calls For Caution in Developing CBDCs\",\"datePublished\":\"2020-01-03T19:21:32+00:00\",\"dateModified\":\"2020-01-03T19:22:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442\"},\"wordCount\":493,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"CBDC\",\"ECB\",\"germany\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/245442\",\"name\":\"German Central Bank Chief Calls For Caution in Developing CBDCs - 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