According to Reuters, German Finance Minister Olaf Scholz said in a statement today that Libra is still a "wolf in sheep's clothing", even it rebranded to Diem to shake off the negative impression of regulators. The renaming is a formalism rather than a substantial change.

ScholzLibra also emphasized the importance of monetary sovereignty, 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."

By Mary Liu