The European Union Prepares for the Future of Money
The European Union has been actively preparing for what it envisions as the future of money. In the past year, it finalized its landmark comprehensive crypto legislation, the Markets in Crypto-Assets Regulation (MiCA), which is due to take effect in 2024 after closing its second consultation in October.
It has also made progress in its plan to introduce a central bank digital currency (CBDC), which is coming to fruition as the “digital euro.” De Nederlandsche Bank, the central bank of the Netherlands, has described 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 touting its potential benefits, though not everyone is on board. In a recent survey out of Spain, 65% of Spaniards said they were not interested in using the digital euro.
Pushback Against Digital Euro
Slovakia’s parliament even passed a measure in June that amended its constitution to codify a citizen’s right to pay for goods and services with cash in the face of the impending digital currency. In Germany, one local politician is not only against the digital euro but is offering another digital solution for a financial revolution: Bitcoin (BTC).
“Nobody needs the digital euro,” says Member of Germany’s Parliament while wearing a #Bitcoin T-shirt. pic.twitter.com/Rw4qdeKE0h
— Bitcoin Archive (@BTC_Archive) November 11, 2023
Fears Over Digital Euro Surveillance
The politician expressed concerns about surveillance and freedom with the digital euro. She warned about potential monitoring and misuse of data. However, an ECB official stated that they have no interest in users’ personal data. A joint statement regarding anonymity in digital euro transactions was issued by EU data protection regulators in October.
Raising Awareness About Bitcoin
The German politician aims to raise awareness about Bitcoin among lawmakers. She emphasizes Bitcoin’s importance for society and advocates for recognizing it as legal tender in Germany. She wants to promote freedom aspects such as privacy, security standards, and prevent excessive regulation to maximize Bitcoin’s benefits.
Wenn einem eine 72 Jahre alte Dame schreibt, dass sie #Bitcoin für ihre Enkel spart. Wie großartig kann man bitte sein? Mit über 70 mehr Durchblick als so manch Jungspund.
— Joana Cotar (@JoanaCotar) November 13, 2023
Promoting International Cooperation for Bitcoin Standardization
The lawmaker believes her ideas for Germany could serve as a framework for other countries and urges international cooperation to develop a standard for Bitcoin and its cross-border use. When asked if she feels similarly impassioned for other cryptocurrencies currently available on the market, she responded: “My initiative is Bitcoin only.” On Oct. 18, the European Central Bank (ECB) announced it would begin preparations for the digital euro project following a two-year investigation into the potential EU-wide digital currency.
Hot Take: The Future of Money According to Joana Cotar
Joana Cotar’s strong stance against the digital euro and her advocacy for Bitcoin brings attention to concerns about surveillance and freedom aspects associated with state-controlled payment systems. Her call for international cooperation highlights the need for standardized regulations governing cryptocurrencies like Bitcoin across borders.
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