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Germany's New Ruling Coalition Calls For Joint European Cryptocurrency Control

Anna Martynova

Last week, three political parties in Germany signed an agreement under which they will form a national ruling coalition. Part of this agreement, according to the German text, includes a call for European countries to work together to monitor activities in the crypto sector.

The coalition includes the Social Democratic Party of Germany (SPD), the Greens and the Free Democratic Party. The three parties have pledged to make Germany a hub for companies in the tech sector, especially those focused on financial technology. There are no specific proposals for regulating cryptocurrencies in the document.

The coalition also stated the need for new dynamics regarding the opportunities and risks associated with new financial innovations, including cryptocurrencies. Social Democrat Olaf SCHOLZ is expected to lead the coalition. Scholz has long been known in the cryptocurrency market as one of the industry's skeptics.

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