Germany Should Make BTC Legal Tender, According To Local Parliament Member

In a significant development with potential ramifications for the cryptocurrency landscape, German legislator Joana Cotar is reportedly leading an effort to designate Bitcoin (BTC) as an official currency in the country. As of now, El Salvador and the Central African Republic (CAR) are the only nations to have made BTC legal tender.

Bitcoin in the Bundestag

Cotar, a member of the German Bundestag, aims to commence a preliminary examination to establish a legal framework acknowledging Bitcoin as an official medium of exchange in Germany. Stressing the importance of legal certainty for both businesses and individuals, she also addresses potential risks linked to Bitcoin, including money laundering, tax evasion, and various other illicit activities.

As part of her awareness-raising campaign within the parliament, Cotar has launched the Bitcoin in the Bundestag initiative. Her key focus areas encompass advocating for the numerous features that Bitcoin has, including but not limited to freedom, privacy protection, security standards, and prevention of excessive regulation.

Bitcoin takes priority

Despite there being so many cryptocurrencies, Cotar is exclusively interested in Bitcoin and has outlined plans to establish a formal Bundestag committee to delve into the technological distinctions between Bitcoin and other digital assets. Known for her harsh criticism of the CBDC (Central Bank Digital Currency) plans put forth by the European Central Bank, Cotar decided to add her perspective to the ongoing discourse on digital currencies and payments in Europe.

At any rate, Cotar pushing for Bitcoin to attain legal tender status in Germany occurs amid a global conversation on the role of cryptocurrencies in mainstream finance. Her specific emphasis on Bitcoin, to the exclusion of other cryptocurrencies, aligns with the viewpoint of many advocates who see Bitcoin as the most promising digital asset in terms of being both a valuable investment and long term source of storage.