“A wolf in sheep’s clothing”, German Finance Minister Olaf Scholz said about Diem Association

As reported by Reuters, German Finance Minister Olaf Scholz said in a statement after a video conference of G7 finance ministers at which cryptocurrencies were discussed, Facebook’s project “a wolf in sheep’s clothing,” highlighting that changing its name would not change its fundamentals.

“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.”

 “We must do everything possible to make sure the currency monopoly remains in the hands of states.” He added.

On Dec 1, Libra Association, composed of 27 member firms, announced it was changing its name to Diem, which means “day” in Latin.

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition,” Stuart Levey, Diem Association CEO said.

Diem Association is ready to launch its first stablecoin, the “Diem Dollar,” as soon as the new entity is licensed through the Swiss Financial Market Supervisory Authority (FINMA). The Financial Times first reported that a dollar-pegged coin could launch next year.

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