Yuri Molchan
Bitcoin price is rising as a German parliamentarian wants to make Bitcoin legal tender in the country and ban the digital euro
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Contents
- Cotar wants to add BTC to the German financial system. Joana Cotar stated in a recent interview that she is a Bitcoin supporter and would be happy to see a bill declaring BTC legal tender in Germany passed in the near future. She also announced that she wants to lead a “preliminary review” to create an entirely new legal framework that would allow Bitcoin to officially become a German legal tender. According to Cotar, it is crucial to create a regulatory environment to ensure a balance with legal certainty for both legal entities and natural persons in Germany. What worries them is that BTC could be used for tax evasion, money laundering and other illegal tendencies traditionally associated with the use of Bitcoin and other cryptocurrencies. Protecting the “Aspects of Bitcoin Freedom” is important
- Anti-digital Euro stance
According to a recent Forbes article, Joana Cotar of the German Bundestag has proposed introducing the world’s leading cryptocurrency Bitcoin as legal tender in Germany.
This was already implemented in El Salvador a few years ago. Max Keizer, who is now Bitcoin advisor to the country’s president, claims that BTC has significantly improved El Salvador’s economic metrics.
She also takes an anti-digital euro stance. Bitcoin has gained almost 5% in the last 24 hours on this news.
Cotar wants to add BTC to the German financial system
In a recent interview, Joana Cotar stated that she is a Bitcoin supporter and would be happy if a law declaring BTC as legal tender in Germany was passed in the near future. She also announced that she wants to lead a “preliminary review” to create an entirely new legal framework that would allow Bitcoin to officially become a German legal tender.
According to Cotar, it is crucial to create a regulatory environment for this and ensure that it is balanced and provides legal certainty for both legal entities and natural persons in Germany. What she fears is that BTC could be used for tax evasion, money laundering and other illegal tendencies traditionally associated with the use of Bitcoin and other cryptocurrencies.
Protecting the “Aspects of Bitcoin Freedom” is important
However, Cotar emphasized that preventing these illegal activities must be done without “suppressing the innovation and freedom aspects of Bitcoin.”
To support their idea in the Bundestag, Cotar launched the “Bitcoin in the Bundestag” initiative. This move will allow her to spread the message about the benefits of Bitcoin to other German parliamentarians and give them the opportunity to make more informed legislative decisions.
She believes it is important to promote “the freedom aspects of Bitcoin,” such as privacy protection, good security standards and overall regulation must not include excessive restrictions, said Cotar.
Anti-digital Euro stance
Cotar insists that a special committee must be set up in the Bundestag that recognizes the technical differences between Bitcoin and altcoins and promotes the idea of the “importance of Bitcoin” for German society.
Cotar insists that of all digital currencies, only Bitcoin can be used in Germany. She is firmly against the creation and introduction of a digital euro. In contrast, Bitcoin is decentralized and has the potential to “enhance financial freedom and privacy,” while the digital euro could become a tool through which central banks would engage in “potential surveillance and incursions” as well as “total surveillance.” in relation to ordinary citizens.
If their initiative works, Bitcoin could be accepted for tax payments and fees and Bitcoin mining will be used to stabilize the German power grid.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many aspects of the future. He has written for several crypto media outlets. His articles have been quoted by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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