MEP Sarah Knafo urges Europe to embrace bitcoin and abandon the digital euro, warns of the need for financial regulation and praises El Salvador's success.
In an impressive speech at the European Parliament, MEP Sarah Knafo opposed the European Central Bank's (ECB) plan for a digital euro and promoted #bitcoin as the best option for Europe. She called on European countries to follow El Salvador's example and create their own bitcoin reserve to strengthen their economies in unstable times, citing bitcoin's decentralized system, fixed supply and worldwide distribution as its main advantages. She called bitcoin a safe asset that governments can use to protect their economies and citizens from financial instability.
As for El Salvador, Knafo noted that despite global criticism, the country took a bold step by adopting bitcoin as legal tender three years ago. He emphasized. El Salvador's decision has already paid off, she said, noting that bitcoin investment in the country has doubled. Hundreds of millions of dollars have become available to the people, increasing sovereignty and security, she added.
Cunafo also sharply criticized the EU's monetary policy. She accused European leaders of mismanaging public finances, creating huge deficits and pursuing inflationary policies that hurt ordinary people. It is time to protect citizens from inflation and government mismanagement, she said, calling for fundamental changes in the way Europe manages its finances.
She also expressed serious concerns about the ECB's plans to introduce a digital euro. Ms. Cunafo warned that such a system could give bureaucrats too much control, allowing them to restrict or block individual transactions at the touch of a button. This would pave the way for totalitarianism, she said, emphasizing the need to protect financial freedom and individual rights.
To allay those fears, Cunafo offered a clear plan of action.
Cunafo's speech underscored the growing debate in Europe about the role of digital currencies.
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