Joana Cotar, a German Bundestag (federal parliament) representative, has publicly endorsed Bitcoin as a legal tender in Germany. This endorsement surfaced in a recent interview, where Cotar shared her aspirations to integrate Bitcoin into the mainstream financial landscape of Germany.
Further, Cotar unveiled plans to initiate a “preliminary examination” to formulate a legal framework for officially recognizing BTC as a legal tender in the country.
Cotar Champions Bitcoin Advocacy as Legal Tender
In emphasizing the need for a well-balanced regulatory environment, Cotar stressed the significance of providing legal certainty for companies and citizens. Her approach addresses potential concerns related to Bitcoin use, such as money laundering and tax evasion, while preserving the cryptocurrency’s innovative and liberating aspects.
Cotar has launched the “Bitcoin in the Bundestag” initiative to advocate for her cause within the German legislative landscape. It aims to educate her parliamentary colleagues about the diverse benefits of Bitcoin, fostering a more informed decision-making process.
Cotar underlined the importance of promoting the freedom aspects of Bitcoin, emphasizing the necessity for privacy protection, robust security standards, and a regulatory approach that avoids undue constraints.
Unlike many peers who broadly view the crypto spectrum, Cotar exclusively focuses on Bitcoin. She is pushing for establishing a formal Bundestag committee that recognizes the technological distinctions between Bitcoin and other crypto assets, primarily focusing on the societal importance of Bitcoin. Cotar clarified that her intentions are solely dedicated to the primary cryptocurrency, stating, “My initiative is Bitcoin only.”
Pushback Evident on Digital Euro
Cotar’s position is a firm opposition against the digital euro Central Bank Digital Currency (CBDC). She contends that Bitcoin’s decentralized nature makes it a more suitable digital asset for Germany, emphasizing its role in enhancing financial freedom and privacy.
This perspective contrasts the European Central Bank’s (ECB) ongoing efforts to develop a digital euro. The ECB envisions the digital euro as a universally accessible digital currency that provides high levels of privacy and enables instant payment settlements.
While Cotar advocates for Bitcoin’s adoption, the ECB is actively collaborating with European institutions to determine the optimal design of the digital euro, ensuring alignment with people’s needs and preferences. That aligns with the global trend of Central Bank Digital Currency adoption, with countries like Ireland, Spain, France, and Italy exploring digital euro prototypes.
Cotar’s push for Bitcoin as a legal tender in Germany can position the country as a pioneer in adopting Bitcoin at the governmental level. This move may also influence other nations to reconsider their stance on Bitcoin, particularly given Germany’s substantial economic influence in Europe and globally.