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German Parliament Member Joana Cotar Opposes Digital Euro, Advocates for Bitcoin
According to Cointelegraph: As EU lawmakers prepare for the upcoming digital euro, German Parliament member Joana Cotar is voicing opposition against the currency, advocating instead for Bitcoin. The EU recently finalized its comprehensive crypto regulations, the Markets in Crypto-Assets Regulation (MiCA), set to take effect in 2024. The EU is also making advances in its plan to establish a central bank digital currency (CBDC), or the "digital euro," as described by the Bank of the Netherlands.
While many local regulators are welcoming the digital euro and its potential benefits, public opinions differ. For instance, a recent survey found that approximately 65% of Spaniards are uninterested in using the digital euro. In Slovakia, the constitution was amended to statutorily secure citizens' rights to make payments in cash, possibly due to the impending digital currency.
However, Joana Cotar, a Bitcoin supporter and member of the German Parliament, stands firmly against the digital euro. In a discussion with Cointelegraph, Cotar revealed her faith in Bitcoin and explained her opposition toward the digital euro. She fears that a digital euro would give central banks the power to set payment and ownership caps, leaving citizens susceptible to control.
Apart from these concerns, she asserted that the digital euro could lead to everyone being closely scrutinized, something she strongly rejects as a libertarian. Cotar sees China's social credit system as an example of how cashless and state-regulated payment systems can potentially impinge on citizens' privacy.
However, Cotar isn’t against digital money entirely. She champions Bitcoin and has initiated the "Bitcoin in the Bundestag" movement, focusing on creating awareness of Bitcoin's potential and risks among members of the German Bundestag (Parliament). She expressed her desire for a legal framework recognizing Bitcoin as legal tender in Germany, adding that maintaining security standards, guarding privacy, and preventing restrictive regulation is crucial to maximizing Bitcoin's benefits. Cotar believes similar frameworks could be set up in other countries as well. Her focus, however, remains solely on Bitcoin, and she is currently not interested in other cryptocurrencies.
While many local regulators are welcoming the digital euro and its potential benefits, public opinions differ. For instance, a recent survey found that approximately 65% of Spaniards are uninterested in using the digital euro. In Slovakia, the constitution was amended to statutorily secure citizens' rights to make payments in cash, possibly due to the impending digital currency.
However, Joana Cotar, a Bitcoin supporter and member of the German Parliament, stands firmly against the digital euro. In a discussion with Cointelegraph, Cotar revealed her faith in Bitcoin and explained her opposition toward the digital euro. She fears that a digital euro would give central banks the power to set payment and ownership caps, leaving citizens susceptible to control.
Apart from these concerns, she asserted that the digital euro could lead to everyone being closely scrutinized, something she strongly rejects as a libertarian. Cotar sees China's social credit system as an example of how cashless and state-regulated payment systems can potentially impinge on citizens' privacy.
However, Cotar isn’t against digital money entirely. She champions Bitcoin and has initiated the "Bitcoin in the Bundestag" movement, focusing on creating awareness of Bitcoin's potential and risks among members of the German Bundestag (Parliament). She expressed her desire for a legal framework recognizing Bitcoin as legal tender in Germany, adding that maintaining security standards, guarding privacy, and preventing restrictive regulation is crucial to maximizing Bitcoin's benefits. Cotar believes similar frameworks could be set up in other countries as well. Her focus, however, remains solely on Bitcoin, and she is currently not interested in other cryptocurrencies.
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