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According to a recent Forbes article, Joana Cotar of the German federal parliament, the Bundestag, has suggested introducing the world’s flagship cryptocurrency, Bitcoin, as legal tender in Germany.
A few years ago this was already implemented in El Salvador. Max Keiser, who is now a Bitcoin advisor to the country’s president, claims that BTC has significantly improved El Salvador’s economic metrics.
Cotar also has an anti-digital euro stance. Bitcoin has added almost 5% with this news in the last 24 hours.
Cotar wants to add BTC to Germany’s financial system
In a recent interview, Joana Cotar stated that she supports Bitcoin and would be happy if a bill to declare BTC as legal tender in Germany was passed in the near future. She also revealed that she intends to lead a “preliminary examination” to create a new legal framework that would allow Bitcoin to formally become German legal tender.
According to Cotar, it is vitally important to establish a regulatory environment for this and ensure that it is well balanced with legal certainty for both legal entities and individuals in Germany. What worries him is that BTC could be used for tax evasion, money laundering and other illegal activities, which are traditionally associated with the use of Bitcoin and other cryptocurrencies.
Protecting “Bitcoin Freedom Aspects” Is Important
However, Cotar emphasized that preventing these illicit activities must be done without “stifling the innovation and freedom aspects of Bitcoin.”
To support his idea in the Bundestag, Cotar launched the “Bitcoin in the Bundestag” initiative. This move will allow him to spread the message about the benefits of Bitcoin to other members of the German parliament and allow them to make more informed legislative decisions.
She believes it is important to promote “the freedom aspects of Bitcoin,” such as privacy protection, good security standards, and that, in general, regulation should not employ excessive restrictions.
Anti-digital euro stance
Cotar insists that it is necessary to establish a special committee within the Bundestag that recognizes the technological differences between Bitcoin and altcoins and promotes the idea of the “importance of Bitcoin” for German society.
Cotar remains adamant that, among all digital currencies, only Bitcoin should be used in Germany. He is firmly against the creation and implementation of a digital euro. Unlike it, Bitcoin is decentralized, he says, and has the potential to “enhance financial freedom and privacy,” while the digital euro can become a tool that central banks would use to carry out “potential surveillance and overreach.” “, as well as “total monitoring” of ordinary citizens.
Bitcoin, if their initiative works, would be accepted for the payment of taxes and fees, and Bitcoin mining would be used to stabilize the German electricity grid.
