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According to a recent piece by Forbes, Joana Cotar from the German federal parliament, the Bundestag, has suggested introducing the world's flagship cryptocurrency, Bitcoin, as a legal tender in Germany.
A few years ago, this was already implemented in El Salvador. Max Keiser, who is now Bitcoin advisor to the country's president, claims that BTC has significantly improved the economic metrics of El Salvador.
Cotar also has an anti-digital-Euro stance. Bitcoin has added almost 5% on this news over the past 24 hours.
Cotar wants to add BTC to Germany's finance system
In a recent interview, Joana Cotar stated that she is a Bitcoin supporter, and she would be happy if a bill to declare BTC legal tender in Germany were passed in the near future. She also revealed that she intends to become head of a "preliminary examination" to create a brand new legal framework that would allow Bitcoin to formally become a German legal tender.
Per Cotar, it is vitally important to get a regulatory environment established for this and make sure it is a well-balanced one with the legal security for both legal entities and individuals in Germany. What she is worried about is that BTC may be used for evading taxes, laundering money and other illegal activities, which are traditionally associated with using Bitcoin and other cryptocurrencies.
Protection of "Bitcoin freedom aspects" is important
However, Cotar emphasized that prevention of these illicit activities must come without "stifling innovation and the freedom aspects of Bitcoin."
To support her idea within the Bundestag, Cotar started the initiative called "Bitcoin in the Bundestag." This move will allow her to get the message about Bitcoin benefits across to other German parliament members and allow them to make more informed legislative decisions.
She believes that it is important to promote "the freedom aspects of Bitcoin," such as protection of privacy, good security standards and that overall the regulation must not employ excessive restrictions.
Anti-digital-Euro stance
Cotar insists that a special committee within the Bundestag needs to be established that would recognize tech differences between Bitcoin and altcoins and would promote the idea of the "importance of Bitcoin" to German society.
Cotar stands firm that it is only Bitcoin from among all digital currencies that must be used in Germany. She is strongly against the creation and implementation of a digital Euro. Unlike it, Bitcoin is decentralized, she says, and it has the potential to "enhance financial freedom and privacy," whereas the digital Euro may become a tool that central banks would use to conduct "potential surveillance and overreach" as well as "total monitoring" of ordinary citizens.
Bitcoin, if her initiative works, would be accepted for tax payments and fees, and Bitcoin mining would be utilized for stabilizing the German power grid.
Dan Burgin
U.Today Editorial Team
