What happened?
European lawmakers recently delivered a speech in parliament, calling for the establishment of a Bitcoin reserve to resist inflation, while publicly opposing the digital euro (CBDC) promoted by the European Central Bank (ECB).
Ohio is drafting the (Bitcoin Reserve Bill), becoming the third state in the US to consider establishing a Bitcoin reserve.
European lawmakers reject the "digital euro" and call for the establishment of a Bitcoin reserve to resist inflation.
European Parliament member Sarah Knafo recently delivered a speech in the parliament, calling for the EU to establish a "strategic Bitcoin reserve." At the same time, she publicly opposed the digital euro (CBDC) promoted by the European Central Bank (ECB). She openly stated on social media X: "Reject the digital euro, support the strategic Bitcoin reserve."
Image source: X European Parliament member Sarah Knafo recently delivered a speech in the parliament, calling for the EU to establish a "strategic Bitcoin reserve."
Knafo described Bitcoin as a symbol of freedom in her speech and criticized Europe's excessive focus on the regulation and taxation of cryptocurrencies, which has hindered innovation.
She warned of the privacy risks that the digital euro might bring, emphasizing that if the central authority controls digital currency, certain transactions may be prohibited in the future, and personal bank accounts could even be blocked at the push of a button. "The European Central Bank hopes to have complete control over the digital euro."
Thus, Knafo believes that the decentralized nature of Bitcoin can provide greater economic freedom and help European citizens resist economic losses caused by inflation and government policy failures.
In addition, Knafo mentioned the developments in Bitcoin adoption in the United States, including President Donald Trump's support for establishing a federal Bitcoin reserve and Federal Reserve Chairman Jerome Powell describing Bitcoin as "digital gold." She urged Europe to rethink its cryptocurrency policies, learn from countries like El Salvador that have adopted more aggressive Bitcoin policies, and incorporate them into national fiscal strategies.
Ohio is drafting the (Bitcoin Reserve Bill): the third state in the US to explore Bitcoin as a financial asset.
Europe is not the only region to propose such views; Derek Merrin, the leader of the Ohio House of Representatives, introduced HB 703 on December 17, tentatively named the (Ohio Bitcoin Reserve Act), suggesting granting the state treasurer the authority to purchase Bitcoin as part of "appropriate asset allocation."
Such proposals have made Ohio the third state in the US to consider establishing a Bitcoin reserve, after Texas and Pennsylvania.
Texas Representative Giovanni Capriglione introduced the (Texas Strategic Bitcoin Reserve Act) on December 12, suggesting that Bitcoin be treated as a state financial asset and held for at least five years; in November, Pennsylvania also proposed legislation allowing 10% of state treasury 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 would 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 bill not passed by then will automatically become invalid.
Merrin, a strong supporter of cryptocurrency, previously received an A-grade rating from the Coinbase Political Action Committee's "Stand With Crypto."
He believes that Bitcoin represents a financial revolution that can not only strengthen Ohio's fiscal health but also serve as a form of digital property rights, granting greater autonomy to each holder.
How is the development of CBDCs in various countries?
Although most countries are actively promoting central bank digital currencies (CBDC), attitudes and strategies towards them vary by country.
China
For example, China views CBDC as an important tool to strengthen domestic financial control and global payment influence, and it can be said to be 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 has gradually expanded to more scenarios, including payments, cross-border trade, and government subsidy distribution.
European and American countries
And 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 CBDC must meet requirements for security, privacy, and market stability.
The European Central Bank has been conducting research on central bank digital currencies (CBDC) since 2020, but the EU has yet to decide whether to launch the 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 the digital euro by October 2025.
Taiwan
The Central Bank of Taiwan has been researching the possibility of a "digital new Taiwan dollar" (CBDC) since 2019 and has currently built a preliminary prototype platform with various functions for issuing, circulating, transferring, paying, and shopping with retail CBDC.
However, the central bank emphasizes that promoting CBDC is a huge and complex project that needs to be carried out in a long-term and phased manner. There is currently no clear issuance timetable, and the decision to issue 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 CBDC.
Further Reading
The US and Russia are making bold moves in Bitcoin! Should Taiwan follow suit? Chen Chong: The central bank probably doesn't care.
【Disclaimer】The market has risks, and investments should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article match their specific circumstances. Investing based on this is at their own risk.
This article is authorized to be reprinted from: (Web3+)
Original author: Shao Yuanting
Original title: (The world accelerates to embrace Bitcoin: US and European lawmakers push to establish a "Bitcoin Reserve Fund")
"The world is accelerating to embrace Bitcoin! US and European lawmakers hope to establish a BTC reserve fund, will it succeed?" This article was first published in "Crypto City"
