While the fundamentals in the crypto space have been improving over the past few months, repeated opposition to popular projects like Libra has kept the sentiment subdued. Speaking at the International Monetary Fund and World Bank fall meeting, German Federal Minister of Finance Olaf Scholz vehemently opposed the idea of allowing Facebook (NASDAQ:FB) to create Libra because, according to him, it is the “responsibility of democratic states.”
Similarly, the Financial Action Task Force also voiced its concern on Libra and other stablecoins when its president Xiangmin Liu said that successful creation of these stablecoins can lead to “new risks regarding money laundering and terrorist financing.”