Recognizing Bitcoin as a Legal Payment Option in Germany

– Advertisement –

• German Federal Parliament (Bundestag) member Joana Cotar has announced her support for recognizing Bitcoin as a legal means of payment in Germany.
• Cotar is determined to preserve the innovative and liberating aspects of Bitcoin, stating, ‘But without stifling the innovative and freedom aspects of Bitcoin.’
• This effort to have Bitcoin recognized as a legal means of payment within Germany’s regulatory framework could signal a significant change in the country’s monetary system.

Joana Cotar, a member of the German Federal Parliament (Bundestag), has stated that she has begun efforts to have Bitcoin recognized as a legal means of payment in Germany.

Federal Parliament Member Speaks About Bitcoin

Joana Cotar, a member of the German Federal Parliament (Bundestag), has announced her support for recognizing Bitcoin as a legal means of payment in Germany. This statement emerged during Cotar’s interview, where she discussed her goals of bringing Bitcoin into the mainstream of German finance. Cotar expressed her intention to initiate a ‘preliminary examination’ to create a legal framework that would ensure the official recognition of Bitcoin.

Cotar emphasized the importance of establishing a balanced regulatory environment. She explained, ‘This includes providing legal security for companies and citizens.’ Cotar’s approach focuses on potential risks often associated with Bitcoin use, such as money laundering, tax evasion, and other illegal activities. However, Cotar is determined to preserve the innovative and liberating aspects of Bitcoin, stating, ‘But without stifling the innovative and freedom aspects of Bitcoin.’

To advance her goals within the German legislative body, Cotar has launched the initiative ‘Bitcoin in the Bundestag.’ This effort aims to inform Cotar’s parliamentary colleagues about the various advantages of Bitcoin and aims to facilitate more informed legislative decisions. Cotar stated her intention to create a Bundestag committee that recognizes technological differences between Bitcoin and other crypto assets and primarily focuses on the importance of Bitcoin for society. She clearly states her focus on Bitcoin alone, unlike many colleagues who often take a broader perspective on the crypto spectrum. She said, ‘It is crucial for us to establish a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and focuses primarily on the importance of Bitcoin for our society. My initiative is for Bitcoin only.’

Cotar’s Stance on Digital Euro

Cotar’s position also includes a clear stance against the digital euro. She sees Bitcoin as a more suitable digital asset for the country, especially due to its decentralized nature and potential to enhance financial freedom and privacy. Cotar expressed concerns about potential surveillance and excesses by central banks. She fears that a digital euro could lead to the complete monitoring of citizens and advocates for financial privacy, citing it as a potential example similar to China’s social credit system.

This effort to have Bitcoin recognized as a legal means of payment within Germany’s regulatory framework could signal a significant change in the country’s monetary system. If successful, it could position Germany as a pioneer at the government level in adopting a decentralized digital currency, prompting other countries to reconsider their attitudes toward Bitcoin.

Regarding the impact of this development on the value of Bitcoin, it would be logical to expect an increase in demand and, consequently, a rise in price. The official approval of Bitcoin by a major economy like Germany could enhance its legitimacy and attractiveness, drawing more institutional and individual investors. This could provide a more stable valuation for Bitcoin, potentially leading to an upward trajectory, especially considering Germany’s influence in the European and global economies.