As German lawmakers hold hearings on the future use of cryptocurrencies, Ralph Bärligea from BearingPoint consultancy elaborates on what benefits virtual currencies have and whether they could eventually make conventional banks superfluous.
Cryptocurrencies like bitcoin have been around for a while. But ever since Facebook started pursuing its own currency, financial authorities in the Western world have been nervous. That's good, says DW's Henrik Böhme.
Facebook announced big plans to revolutionize payments in Europe with the launch of a virtual currency. But EU finance ministers see libra as a risk to monetary stability.
Facebook's Libra is reportedly being probed by the European Union's competition authorities. The cryptocurrency plan has been met with intense skepticism from both data protection activists and regulators.
The G7 ministers said this week they want to clamp down on cryptocurrencies like Facebook's Libra, arguing new and untested digital coins risk destabilizing international monetary systems. But can they and should they?
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