Blogs & Articles: German Parliament Member Wants To Make Bitcoin Legal Tender 🔗 23 weeks ago

A member of the German Bundestag (federal parliament), Joana Cotar, has expressed her support for making Bitcoin a legal tender in Germany, in an exclusive interview with Cointelegraph. Cotar told the publication that she wants to initiate a “preliminary examination” for legal framework to officially recognize Bitcoin as legal tender in the country.

“This includes ensuring the legal security for companies and citizens...We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin. But without stifling innovation and the freedom aspects of Bitcoin,” she said.

To further this matter and raise awareness in the German parliament, Cotar has started the “Bitcoin in the Bundestag” initiative, to help educate her colleagues on benefits of Bitcoin, so they can make informed decisions on it. “We need to promote the freedom aspects of Bitcoin. This includes protecting privacy, ensuring security standards and preventing excessive regulation to maximize the benefits of Bitcoin,” she stated.

The parliament member declared that she is fully focused on Bitcoin, and other cryptocurrencies on the market do not interest her:

“Establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and mainly deals with the importance of Bitcoin for our society is very important for us,” she continued. “My initiative is Bitcoin only.”

Cotar has also been a vocal critic of the European Central Bank's digital currency plans. Last week, she proudly wore a Bitcoin shirt while speaking out against the Digital euro, stating that "Nobody needs the digital euro. Except for one EZB and politicians who have something else in mind."

As the debate over digital currency intensifies in Europe, the role Bitcoin will play in Germany remains uncertain. Cotar's endorsement does however add fuel to the ongoing discussion, drawing more attention to the role Bitcoin is starting to play in traditional financial systems, and how governments will respond to it.