Finance ministers and central bankers from the Group of Seven advanced economies strongly supported the need to regulate digital currencies, the U.S. Treasury Department said in a statement on Monday after a virtual meeting of the officials.
German Finance Minister Olaf Scholz issued a sharply worded statement after the meeting, underscoring his concerns about authorizing the launch of Facebook's Libra cryptocurrency — newly renamed Diem — in Germany and Europe.
"A wolf in sheep's clothing is still a wolf," he said. "It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed."