What happened?
European legislators recently delivered a speech in parliament, calling for the establishment of Bitcoin reserves to resist inflation, while publicly opposing the digital euro (CBDC) promoted by the European Central Bank (ECB).
Ohio is drafting a (Bitcoin Reserve Bill), becoming the third state in the US to consider establishing a Bitcoin reserve.
European legislators reject the 'digital euro', calling for the establishment of Bitcoin reserves to resist inflation.
European Parliament member Sarah Knafo recently delivered a speech in parliament, calling for the EU to establish a 'strategic Bitcoin reserve'. She publicly opposed the digital euro (CBDC) promoted by the European Central Bank (ECB). She stated on social media X: 'Reject the digital euro, support the strategic Bitcoin reserve.'
Source: X European Parliament member Sarah Knafo recently delivered a speech in parliament, calling for the EU to establish a 'strategic Bitcoin reserve'.
In her speech, Knafo described Bitcoin as a symbol of freedom and criticized Europe's excessive focus on regulating and taxing cryptocurrencies, which hinders innovation.
She warned about the potential privacy risks that the digital euro may bring, emphasizing that if centralized control governs digital currency, certain transactions may be banned in the future, and even personal bank accounts could be blocked at the push of a button. 'The European Central Bank hopes to have complete control over the digital euro.'
Therefore, Knafo believes that the decentralized nature of Bitcoin can provide greater economic freedom and help European citizens resist the economic losses caused by inflation and government policy mistakes.
Additionally, Knafo mentioned the developments in Bitcoin adoption in the United States, including President Trump's (Donald Trump) support for establishing a federal Bitcoin reserve, and Federal Reserve Chairman Jerome Powell describing Bitcoin as 'digital gold'. She called for Europe to rethink its cryptocurrency policies, learn from countries like El Salvador that have adopted more proactive Bitcoin policies, and incorporate it into national financial strategies.
Ohio is drafting a (Bitcoin Reserve Bill): the third state in the US to explore Bitcoin as a financial asset.
Europe is not the only region to express such views; on December 17, Ohio House leader Derek Merrin introduced HB 703, temporarily named the (Ohio Bitcoin Reserve Act), proposing to grant the state treasurer the authority to purchase Bitcoin as part of 'proper asset allocation'.
Such a proposal makes Ohio the third state in the US, after Texas and Pennsylvania, to consider establishing a Bitcoin reserve.
Texas Representative Giovanni Capriglione introduced the (Texas Strategic Bitcoin Reserve Act) on December 12, proposing to treat Bitcoin as a state financial asset and to hold it for at least five years; in November, Pennsylvania also proposed a bill allowing 10% of state financial funds to be allocated to Bitcoin as a hedge against economic instability.
Merrin pointed out, 'The value of the dollar is rapidly depreciating, and our state treasurer needs the flexibility and authority to invest in Bitcoin to protect taxpayers' money from erosion.' He emphasized that this legislation will provide a framework for the next congress and hopes to advance it quickly in the future.
Currently, this bill needs to be reintroduced in the new 136th Congress (starting January 6, 2025), as the current Congress will end on December 31, and any bills not passed will automatically expire.
Merrin, a strong supporter of cryptocurrencies, previously received an A-grade rating from the Coinbase Political Action Committee's 'Stand With Crypto'.
He believes Bitcoin represents a financial revolution that can not only strengthen Ohio's financial soundness but also serve as a form of digital property rights, giving each holder greater autonomy.
How are countries developing their CBDCs?
Although most countries are actively promoting central bank digital currencies (CBDCs), attitudes and strategies towards them vary among different countries.
China
For example, China views CBDC as an important tool to enhance domestic financial control and global payment influence, and can be considered one of the earliest countries to enter the practical application stage of CBDC.
The digital yuan (e-CNY) has been piloted in multiple locations since 2020 and is gradually expanding into more scenarios, including payments, cross-border trade, and government subsidy distribution.
European and American countries
In contrast, the digital euro projects in Europe and the United States face more challenges.
The Federal Reserve is currently relatively cautious about the progress of the digital dollar, emphasizing that the launch of CBDCs must meet requirements for security, privacy, and market stability.
The European Central Bank has been conducting research on central bank digital currencies (CBDCs) since 2020, but the European Union has yet to decide whether to launch a digital euro.
Although the digital euro is seen as a necessary tool to respond to the digital economy, it has been controversial due to privacy risks and the potential threat to the market position of payment companies.
However, the European Central Bank is expected to make a final decision on whether to launch a digital euro by October 2025.
Taiwan
Taiwan's central bank has been researching the possibility of a 'digital new Taiwan dollar' (CBDC) since 2019 and has currently established a preliminary prototype platform with various functions, including issuance, circulation, transfer, payment, and shopping deductions for retail CBDC.
However, the central bank emphasizes that promoting CBDC is a massive and complex project that requires a long-term and phased approach. There is currently no clear issuance timetable, and the decision to issue a CBDC will depend on international developments.
To strengthen communication with the public, the central bank plans to hold public hearings, briefings, and forums in 2025 to raise public awareness of CBDCs.
Further Reading
The US and Russia are making high-profile moves in Bitcoin! Should Taiwan follow suit? Chen Chong: The central bank probably looks down on it.
[Disclaimer] The market carries risks, and investment should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk.
This article is republished with permission from: (Web3+)
Original author: Shao Yuanting
Original title: (The World Accelerates to Embrace Bitcoin: US and European Legislators Push for the Establishment of a 'Bitcoin Reserve Fund')
The article 'The World Accelerates to Embrace Bitcoin! US and European Legislators Hope to Establish a BTC Reserve Fund, Can They Succeed?' was originally published in 'Crypto City'.
