Olaf Scholz, Germany’s finance minister, said on Monday that Facebook needed to do more than rename to allay regulators’ concerns about the introduction of authorized cryptocurrencies in Germany and Europe. In a statement issued during the G-7 finance ministers’ video conference on cryptocurrencies, Schultz said the restart of Libra under the new name Diem was only a superficial change. “Wolves in sheepskin are still wolves,” Schultz said “It is clear to me that Germany and Europe cannot and will not accept access to the market without adequately addressing regulatory risks.” Last year, the Association launched a further distance from the Facebook Association’s vision of currency. < / P > < p > the 27 member group announced last week that it would change its name to “diem” (Latin for “day”) in preparation for the launch of a single, stable dollar anchored currency in 2021. After more than a year of secret research and development, Facebook launched the Libra project in June 2019. At that time, the project envisioned the creation of a stable currency supported by a basket of fiat currencies, which could be used as a means of exchange on a global scale. This immediately met with strong opposition from international regulators. Legislators have demanded that the project be stopped before they can better understand the currency and provide some degree of regulation. At the same time, they also demanded that the introduction of the currency should ensure that there is no financial risk. Google said the proposed media negotiation rules would put its free services in Australia at “risk”

By ibmwl