German Lawmaker Pushes for Bitcoin Adoption as Legal Tender
- German lawmaker Joana Cotar has slammed the digital euro, calling it a tool for political surveillance.
- The Bundestag member has introduced a new initiative called “Bitcoin in the Bundestag” to promote BTC.
- The lawmaker seeks to introduce BTC as legal tender in Germany along with a legal framework.
- The lawmaker seeks to ensure that investors’ money remains safe and will target illicit usage of crypto as well.
Joana Cotar, a prominent German lawmaker and a member of the Bundestag (federal parliament), has criticized central bank digital currencies (CBDCs) in a recent interview. She also went ahead and revealed that she is planning to push for the adoption of Bitcoin (BTC), the world’s largest digital asset by market capitalization, as legal tender in Germany.
The European Union has been actively working on a digital version of the euro, but in an interview, Cotar stated that a CBDC would lead to increased centralization of the traditional finance industry. The lawmaker also noted that she aims to initiate a “preliminary examination” for the legal framework that will recognize Bitcoin as legal tender in Germany.
The lawmaker seeks to ensure that investors’ money remains safe and will target illicit usage of cryptocurrencies as well.
“This includes ensuring the legal security for companies and citizens…We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin. But without stifling innovation and the freedom aspects of Bitcoin,” she said.
Additionally, Cotar has also debuted the “Bitcoin in the Bundestag” initiative, which will be responsible for educating other German lawmakers on Bitcoin, blockchain, and cryptocurrencies, along with their benefits. The goal is to enable politicians to make informed decisions on digital assets and not get swayed by the perspectives of other entities.
Cotar also noted that German lawmakers need to “promote the freedom aspects of Bitcoin. This includes protecting privacy, ensuring security standards, and preventing excessive regulation to maximize the benefits of Bitcoin,” while adding:
“Establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and mainly deals with the importance of Bitcoin for our society is very important for us. My initiative is Bitcoin only.”
It is clear that Cotar is not interested in other cryptocurrencies and is on a path to introduce Bitcoin as legal tender in Germany while canceling the creation of the digital euro. The lawmaker is a strong advocate for financial privacy and believes that CBDCs are tools for potential surveillance and overreach by central banks.
As reported earlier by Bitnation, the Central African Republic (CAR) adopted Bitcoin as legal tender in March 2022. On the other hand, prominent Central American country El Salvador also made the leading digital asset legal tender in September 2022.