German Parliamentarian Supports Official Recognition of Bitcoin as Legal Currency in Germany

German Bundestag member Joana Cotar has voiced her support for recognizing Bitcoin (BTC) as an official currency in Germany.

In a recent discussion, Cotar revealed her intentions to integrate Bitcoin into Germany’s financial system and her plans to start a “preliminary examination” for creating a legal framework for Bitcoin’s recognition.

Cotar highlighted the necessity of a regulatory environment that provides legal certainty for businesses and individuals, while also addressing Bitcoin-related concerns such as money laundering, tax evasion, and other illegal activities.

Her goal is to find a regulatory balance that fosters innovation and preserves Bitcoin’s freedom-enhancing properties without hindering its potential. Cotar has initiated the “Bitcoin in the Bundestag” campaign to further her cause in the German legislative body. This initiative focuses on educating her fellow parliamentarians about Bitcoin’s advantages to foster more informed legislative decisions.

Cotar’s Focus on Bitcoin Cotar’s interest is solely in Bitcoin, unlike some of her colleagues who consider the wider cryptocurrency market. She has suggested forming a dedicated Bundestag committee to acknowledge the technological distinctions between Bitcoin and other cryptocurrencies, focusing primarily on Bitcoin’s relevance to German society.

Cotar is also against the idea of a digital Euro. She argues that Bitcoin’s decentralized nature and its potential to enhance financial freedom and privacy make it a more appropriate digital asset for Germany. She expresses concerns about potential surveillance and control by central banks and warns against the risks of a digital Euro leading to extensive citizen monitoring.

Cotar envisions Bitcoin becoming a key component of Germany’s regulatory landscape. Her proposal includes accepting Bitcoin for tax payments and fees and using Bitcoin mining to stabilize the power grid.

Francis Caldonia

Francis Caldonia is an accomplished article writer deeply passionate about the Crypto and Web3 realms. With a knack for demystifying intricate topics, Francis has earned recognition as a trusted voice in the realm of decentralized technologies and digital assets.

Related Articles

Back to top button