German Parliament Member Opposes CBDCs and Suggests Bitcoin as Accepted Currency

Challenging Central Bank Control

German politician Joana Cotar, a member of the Bundestag, advocated for Bitcoin adoption in the country criticizing the digital euro. She expressed concerns over the potential widespread surveillance and privacy violations that a digital euro could bring if developed.

She stated that the digital euro would make it easier for the government to track and monitor people’s spending, raising concerns about invasion of privacy. This could have a significant impact on anyone who is against surveillance and for freedom as was noted by Cotar.

Cotar pointed to China’s social credit system as an example of the dangers of a surveillance-oriented system that could misuse data. The proposed social credit system has been globally criticized for tracking citizens and potentially infringing on their rights.

Other officials, including Representative Tom Emmer in the U.S., have also criticized the development of a digital dollar due to risks associated with central bank digital currencies (CBDCs), particularly as it concerns consumer privacy.

Calling for Bitcoin to Become Legal Tender

Cotar believes Bitcoin is a preferable alternative to the euro due to its decentralized and censorship-resistant nature. She founded the “Bitcoin in the Bundestag” initiative to educate members of the German Bundestag about the potential and risks of Bitcoin.

She envisions Bitcoin playing a more prominent role in society, tackling issues like tax and fee payments, stabilizing the power grid using Bitcoin mining farms, and preserving Bitcoin’s core principles of permissionless access, individual sovereignty, privacy, security, and prevention of excessive control.

“We need to promote the freedom aspects of Bitcoin (permissionless access, individual sovereignty). This includes protecting privacy, ensuring security standards and preventing excessive regulation to maximize the benefits of Bitcoin.”

Cotar advocates for the establishment of a legal framework adopting Bitcoin as legal tender in Germany to provide legal security for both businesses and individuals. This comes as the European Central Bank (ECB) is exploring the possibility of issuing a digital euro to complement fiat currency.