Joana Cotar, a member of the German Bundestag, has advocated for the consideration of Bitcoin as a legal tender within Germany, as revealed in an exclusive discussion with Cointelegraph. Cotar outlined her intention to initiate a preliminary examination aimed at establishing a legal framework for officially acknowledging Bitcoin’s status as legal tender in the country.
Her rationale behind this initiative is to ensure legal certainty for both businesses and citizens. Cotar emphasized the importance of addressing potential risks such as money laundering and tax evasion associated with Bitcoin, while also highlighting the need to foster innovation and preserve the freedom aspects inherent in Bitcoin.
To facilitate dialogue and understanding within the German parliament, Cotar has launched the “Bitcoin in the Bundestag” initiative. The objective is to educate fellow lawmakers about the benefits of Bitcoin to enable informed decision-making. Cotar stressed the significance of championing Bitcoin’s freedom-enhancing qualities, including privacy protection, security standards, and avoiding excessive regulation to maximize its societal benefits.
Cotar underscored her exclusive focus on Bitcoin, expressing disinterest in other cryptocurrencies on the market. She proposed the establishment of a dedicated Bundestag committee to recognize Bitcoin’s technological distinctions from other crypto assetsAsset An economic resource with value that an individual or organization owns, controls, or expects future benefits from. Examples of assets: gold, stocks, cryptocurrencies, etc. and address its societal relevance.
Furthermore, Cotar has voiced opposition to the European Central Bank’s digital currency plans, advocating for Bitcoin as an alternative. She notably wore a Bitcoin-themed shirt while criticizing the Digital Euro, asserting its perceived lack of necessity outside the interests of the ECB and certain politicians.
Amidst the escalating discourse on digital currencies in Europe, Bitcoin’s role in Germany remains uncertain. However, Cotar’s endorsement amplifies the ongoing dialogue, drawing attention to Bitcoin’s emerging significance within traditional financial systems and prompting considerations on governmental responses.