Joana Cotar, an independent member of the German Bundestag, supported Bitcoin (BTC), opposing the European Central Bank’s (ECB) proposal for a digital Euro. In a recent parliamentary speech, Cotar questioned the necessity of a CBDC and emphasized concerns about the financial and privacy risks.
CBDC Issues
Cotar underscored that the demand for a digital Euro is primarily driven by the ECB and a small group of legislators, rather than a broader public consensus. She expressed skepticism regarding the ECB’s assurances regarding privacy, implying that these promises are unreliable. Cotar also cautioned against the possibility of heightened surveillance and control which would follow a CBDC. She said that European legislators must strike a delicate balance between privacy concerns and policy objectives.
Cotar expressed her apprehensions regarding the digital Euro in a statement that resonated on social media, depicting it as a means to achieve complete surveillance. She shared a video of her parliamentary address, underscoring that the matter is not merely about an additional form of payment, but rather about the fundamental concerns of control and privacy in financial transactions.
German Government’s Bitcoin Dump
The German government’s recent actions in the crypto market have also prompted Cotar to examine the situation. In response to a dip in Bitcoin’s price below $58,000, the government liquidated an additional 1,300 BTC, accumulating nearly $76 million, after selling over 10,000 BTC from their reserves. Arkham Intelligence, a blockchain analytics firm, monitored these transactions, which coincided with market volatility, thereby raising concerns regarding the government’s strategy for managing its cryptocurrency holdings..
Cotar has been vocal in her advocacy for Bitcoin as a valuable asset diversification instrument, despite these actions. She has criticized the government’s approach to Bitcoin liquidation as counterproductive and has urged officials to reevaluate their posture. Cotar contends that Bitcoin provides investors with distinctive opportunities to mitigate conventional investment risks, positioning it as a viable alternative in the current financial environment.
Financial Innovation in Europe
In the future, Cotar intends to conduct a lecture on October 17 that will include a guest speaker, the renowned Bitcoin maximalist Samson Mow. This event serves as a testament to Cotar’s dedication to advancing the conversation on digital currencies and establishing herself as a prominent figure in the development of financial innovation in Europe.
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