The Future of Money in the EU
The European Union (EU) has been actively preparing for the future of money, finalizing comprehensive crypto legislation and making progress towards introducing a central bank digital currency (CBDC). However, not everyone is on board with the digital euro.
German Politician's Stance on the Digital Euro
Joana Cotar, a member of the German parliament and Bitcoin activist, is a staunch opponent of the digital euro. She believes it could lead to citizens being monitored and at the mercy of central banks. Cotar warns against the absence of cash and state-controlled payment systems, using the Chinese social credit system as an example.
Bitcoin as an Alternative
While Cotar rejects the digital euro, she champions Bitcoin. Through her "Bitcoin in the Bundestag" initiative, she aims to raise awareness among German lawmakers about the potential and risks of Bitcoin. Cotar wants to establish a formal Bundestag committee to educate MPs and promote Bitcoin's importance for society.
Vision for Bitcoin Adoption
Cotar envisions allowing taxes and fees to be paid in Bitcoin and using Bitcoin mining farms to stabilize the power grid. She also seeks to create a legal framework that recognizes Bitcoin as a legal tender in Germany, ensuring legal security for companies and citizens. Cotar emphasizes the need to combat risks associated with Bitcoin without stifling innovation.
International Cooperation for Bitcoin
Cotar believes her ideas for Germany can serve as a framework for other countries. She calls for international cooperation to develop a blanket standard for Bitcoin and its cross-border use. However, Cotar's initiative is focused exclusively on Bitcoin, not other cryptocurrencies.
European Central Bank's Digital Euro Project
The European Central Bank (ECB) has announced the start of the preparation phase for the digital euro project, following a two-year investigation into the potential EU-wide digital currency.
