German parliamentarian says against digital euro: ‘Without it, it’s all about Bitcoin.

The EU has been actively preparing for what it sees as the financial future. Last year, after closing a second consultation in October, it finalized the Markets Markets, a comprehensive crypto law that will come into force in 2024.

She also made progress with her plan to introduce a central bank digital currency (CBCC), which is being implemented as a “digital euro”. De Nederlandsche Bank, the central bank of the Netherlands, describes it simply as “an electronic form of public money – the coins and notes in our wallets.”

Many local regulators are embracing the digital euro and considering the potential benefits, although not everyone is. In a recent survey from Spain, 65% of Spaniards said they were not interested in using the digital euro.

Slovakia's parliament approved a measure in June to amend the constitution to ensure the right to pay for goods and services in cash in the face of the upcoming digital currency.

In Germany, a local politician is not only with the digital euro, but also offers another digital solution to the financial revolution: Bitcoin (BTC).

Cointelegraph spoke to Joanna Kotar, a member of the Bundestag – the German Federal Parliament – and a Bitcoin activist, about the adoption of the digital euro and why she believes in the benefits of Bitcoin.

Kotar told Cointelegraph of her position on the EU's digital currency solution, saying she is “a staunch opponent of the digital euro.”

“No one needs the digital euro,” says a German MP wearing a #Bitcoin t-shirt. pic.twitter.com/Rw4qdeKE0h

— Bitcoin Archive (@BTC_Archive) November 11, 2023

She said the digital euro could allow central banks to set “higher limits” on payments and ownership, “unhelpful” to citizens. [their] mercy”

“The digital euro means that each of us will be fully in control. As a staunch libertarian, I emphatically disagree with this. Anyone who opposes surveillance and freedom does not need a digital euro!

According to Kotar, China's social credit system should serve as a warning of the potential for a cashless, state-controlled payment system. “I don't want the authorities to spy on our private lives and misuse this information,” she said.

However, Evelyn Whitlocks, director of the European Central Bank's digital euro program, said in April that “the ECB has no interest in users' personal data.” In October, EU data protection regulators issued a joint statement on anonymity in digital euro transactions.

Related: EU finance chief: Don't rush digital euro ahead of new commission in June 2024

Kotar is using her platform, among other things, to raise awareness among lawmakers about the dangers she believes may be associated with the digital euro.

Kotar may not be on board for the digital euro, but she is a champion of Bitcoin. She is behind the “Bitcoin in the Bundestag” initiative, which she told Cointelegraph is committed to raising awareness and educating members of the German Bundestag about Bitcoin's potential and risks.

“It is very important for us to establish a formal Bundestag committee that will understand the technological differences between Bitcoin and other crypto-assets, and primarily look at the value of Bitcoin to our society.”

She said her initiative will serve as a source of information for members of the Bundestag and help them make more informed decisions about Bitcoin.

One of the biggest changes she wants to see as she outlines her broader vision for getting Bitcoin into consideration for regulators is the ability to pay taxes and fees in Bitcoin and use Bitcoin mining farms to stabilize the power grid.

“We need to promote Bitcoin's libertarian aspects (unauthorized access, individual sovereignty). This includes protecting privacy, ensuring security standards, and preventing excessive regulation to maximize Bitcoin's benefits.”

Kotar wants to start a “preliminary examination” of a legal framework in Germany that would recognize Bitcoin as legal tender. “This includes ensuring legal security for companies and citizens,” she said.

A 72-year-old woman writes to you that she is saving #Bitcoin for her grandchildren. How great can you be? When you're over 70, you have more insight than many young people.

— Joana Cotar (@JoanaCotar) November 13, 2023

“We need to combat potential threats such as money laundering, tax evasion and other illegal activities related to Bitcoin,” she said. But without stifling innovation and the freedom aspects of Bitcoin.

The Bitcoin-savvy lawmaker said Germany's proposal could “easily be transferred” to other countries as a framework. She calls for international cooperation to develop a blanket standard for Bitcoin and its cross-border use.

When asked if she has the same interest in other cryptocurrencies currently on the market, her response was:

“My only motivation is Bitcoin.”

On October 18, the European Central Bank (ECB) announced that it would begin a “preparatory phase” for the digital euro project, a two-year investigation into an EU-wide digital currency.

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