Crypto Prices Gain; German Finance Minister Says Government Must Reject Libra

Investing.com

Tue, Sep 17, 2019, 9:30 PM

Investing.com - Cryptocurrency prices gained on Wednesday in Asia even after German Finance Minister Olaf Scholz said that the government must reject Facebook’s proposed coin, Libra.

Bitcoin inched up 0.2% to $10,229.5 by 1:27 AM ET (05:27 GMT), Ethereum gained 7.3% to $212.01, XRP surged 14.6% to $0.30454 while Litecoin traded 4.7% higher to $75.755.

Scholz said during a panel discussion in Berlin that Facebook’s planned crypto coin Libra will be clearly rejected, noting that “we cannot accept a parallel currency.”

Citing a document, Reuters reported that German regulators are now working with their European and international allies to “ensure that stablecoins will not become an alternative to official currencies.”

Scholzs’ comments came after David Marcus, Libra’s co-founder, said he does not intend to form a new currency with Libra but rather build a “better payment network and system running on top of existing currencies.”

In other news, Japanese messaging giant Line has reportedly launched its new cryptocurrency trading platform Bitmax, according to Cointelegraph.

The platform was launched today and allow users to trade five major cryptocurrencies including Bitcoin and Litecoin.

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Crypto Prices Gain; German Finance Minister Says Government Must Reject Libra

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