German legislator advocates for Bitcoin to be legal tender

Joanna Kotar, a representative of the German Bundestag (Federal Parliament), has officially approved Bitcoin as legal tender in Germany. This support emerged in a recent interview, where Kotar shared her desire to integrate Bitcoin into Germany's mainstream financial landscape.

In addition, Kotar plans to start a “preliminary investigation” to develop a legal framework that will allow BTC to be officially recognized as a legal tender in the country.

Cite champions Bitcoin Advocacy as legal tender

Emphasizing the importance of a balanced regulatory environment, Kotar emphasized the importance of providing legal certainty to companies and citizens. Her presentation addresses potential risks associated with the use of Bitcoin, such as money laundering and tax evasion, while maintaining the innovative and liberating aspects of cryptocurrency.

Kotar launched the “Bitcoin in the Bundestag” initiative to advocate for her issues in the German legislative scene. It aims to educate her fellow parliamentarians about the various benefits of Bitcoin, promoting a more informed decision-making process.

Kotar underlined the importance of promoting Bitcoin's liberal aspects, the need for privacy protection, strong security requirements and a regulatory approach that avoids undue restrictions.

Unlike many of his peers who look broadly across the crypto spectrum, Kotar focuses exclusively on Bitcoin. She is pushing to establish a formal Bundestag committee that will recognize the technological differences between Bitcoin and other crypto assets, focusing primarily on the value of Bitcoin to the community. “My motivation is Bitcoin only,” Kotar explained, explaining that her mission is solely dedicated to major cryptocurrencies.

Proof of pressure on the digital euro

Kotar's position is strongly opposed to the digital euro central bank's digital currency (CBDC). She argues that Bitcoin's decentralized nature makes it a more suitable digital asset for Germany, emphasizing its role in promoting financial freedom and privacy.

This overview compares the efforts of the European Central Bank (ECB) to develop the digital euro. The ECB envisions the digital euro as a universally accessible digital currency that offers a high level of privacy and enables fast payments.

While Kotar supports the adoption of Bitcoin, the ECB is actively working with European institutions to determine the best design of the digital euro, ensuring that it aligns with people's needs and preferences. That fits with a global trend of central bank digital currency adoption, with countries such as Ireland, Spain, France and Italy exploring digital euro prototypes.

Kotar's introduction of bitcoin as legal tender in Germany makes the country a pioneer in accepting bitcoin at the state level. This move could influence other countries, especially Germany, to consider their stance on Bitcoin given its significant economic influence in Europe and globally.