European Parliament member Sarah Knafo from France delivered a speech in the Parliament on 12/16, calling for the EU to establish a strategic reserve of Bitcoin and strongly opposing the 'digital euro' (CBDC) that the European Central Bank (ECB) is preparing to promote. She believes that the EU is currently overly focused on regulation and taxation, neglecting the innovative potential of cryptocurrencies.
Emphasizing financial freedom and opposing the 'totalitarian digital euro'
Knafo directly criticized the digital euro (CBDC) promoted by the European Central Bank (ECB) as having 'totalitarian tendencies,' allegedly excessively interfering with personal financial freedom. She stated, 'We do not want to live in a dystopian world where bureaucrats can prohibit certain transactions with the press of a button, or even exclude people from the financial system based on an untimely social media comment.'
She further stated that the EU should abandon the current regulatory-centric thinking and instead adopt decentralized technologies like Bitcoin to safeguard people's freedoms and combat inflation and inappropriate government economic policies.
Call to align with El Salvador and the United States
Knafo bluntly stated in her speech that other countries are already ahead, such as El Salvador adopting Bitcoin as legal tender in 2021, while the incoming U.S. President Trump is also actively formulating cryptocurrency-friendly policies.
She also mentioned that Jerome Powell, the Chairman of the Federal Reserve, referred to Bitcoin as 'digital gold' in early December, further affirming Bitcoin's value. In contrast, Knafo criticized the current direction of Europe, which focuses solely on regulation and taxation, completely stifling the innovative development of the cryptocurrency industry.
(Powell: Bitcoin is like digital gold; not worried about the Fed losing independence)
ECB plans to decide the fate of the digital euro in 2025
The European Central Bank began researching the digital euro (CBDC) in 2020 and has spent over four years analyzing the possibilities and risks of CBDC. However, so far, the EU has not decided whether to launch the digital euro.
According to the ECB's latest plan, preparations for the launch of the digital euro will continue, with a decision expected in October 2025. However, controversies regarding the privacy risks and threats to the payment industry posed by the digital euro have sparked intense discussions within Europe.
(ECB President: The digital euro will take at least another two years)
This article, European Parliament member calls to reject the digital euro! Urging alignment with El Salvador and the United States to establish Bitcoin reserves, first appeared in Chain News ABMedia.
