- Joana Cotar, a German MP, advocates recognizing Bitcoin as legal tender in Germany to integrate it into the country’s financial system.
- Cotar focuses on Bitcoin’s benefits like freedom and privacy rather than other cryptos, opposing a digital Euro.
- Adoption in a major economy like Germany could influence other nations and boost Bitcoin’s value by enhancing its legitimacy.
Joana Cotar, a member of the German Bundestag, has expressed support for recognizing Bitcoin as legal tender in Germany. Her advocacy could pave the way for Bitcoin’s formal adoption in the major European economy.
Cotar Aims to Bring Bitcoin into the Mainstream
In a recent interview, Cotar shared her ambition to integrate Bitcoin into the country’s financial system. She discussed plans to initiate a preliminary examination to establish a legal framework for Bitcoin’s recognition as legal tender.
Cotar emphasized balancing regulation to ensure legal certainty while addressing concerns like money laundering associated with Bitcoin. She wants to support innovation and Bitcoin’s freedom without stifling its potential.
To drive Bitcoin adoption in the Bundestag, Cotar launched the “Bitcoin in the Bundestag” initiative. It aims to educate parliament members about Bitcoin’s benefits to enable informed legislative decisions.
Cotar Focuses on Bitcoin’s Freedom and Privacy
Unlike others, Cotar’s focus remains solely on Bitcoin. She even suggested a formal committee recognizing Bitcoin’s differences from other crypto assets.
Cotar’s stance opposes a digital Euro. She believes decentralized Bitcoin better enhances financial freedom and privacy. Cotar also raised surveillance concerns about a digital Euro.
— BlockNews.com (@blocknewsdotcom) November 17, 2023
NEWS: German Bundestag Member Joana Cotar advocates for #Bitcoin as legal tender in Germany.
Money laundering and tax evasion concerns in the traditional system are primary reasons. pic.twitter.com/Z52ay7UUHV
Integration into Germany’s Financial System
Cotar envisions Bitcoin becoming integral to Germany’s framework. Her proposal includes accepting Bitcoin for taxes and leveraging mining to stabilize the power grid.
Formal adoption in Germany could influence other nations to reconsider their Bitcoin stances. It could also impact Bitcoin’s value by enhancing its legitimacy and appeal.
El Salvador’s Adoption Sets Precedent
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. A law proposed by President Bukele made Bitcoin an official currency alongside the US dollar.
