This significant announcement was made during an interview, where Cotar shared her aspirations of integrating Bitcoin into the core of the German financial system.
Bitcoin Germany Legislation Insights
- Cotar wants to create a balanced regulatory framework around Bitcoin.
- "Bitcoin in the Bundestag" is her campaign for German legislation.
Cotar further disclosed her plans to lead a thorough investigation aimed at formulating a comprehensive legal structure that would officially acknowledge Bitcoin's role in this regard. Cotar highlighted the significance of creating a well-balanced regulatory framework. She clarified that this entails guaranteeing legal protection for both businesses and individuals.
Cotar's Strategy for Integrating Bitcoin
Her strategy aims to tackle potential threats like money laundering, tax evasion, and other unlawful activities commonly linked to the use of bitcoin. However, she is also committed to safeguarding the innovative and empowering aspects of BTC, asserting, "Yet, we must not impede innovation and the liberating nature of Bitcoin."
Cotar has initiated the "Bitcoin in the Bundestag" campaign in order to further her agenda within the German legislative body. The primary objective of this endeavor is to educate her fellow parliamentarians about the numerous advantages of bitcoin, thereby facilitating well-informed decision-making in the legislative process.
Why use Bitcoin as legal tender?
Cotar expressed the importance of advocating for the freedom-oriented aspects of bitcoin, emphasizing the necessity for safeguarding privacy, implementing strong security measures and adopting a regulatory framework that avoids unnecessary limitations. In contrast to numerous individuals in her field who tend to cover a broader range of cryptocurrencies, she dedicates her attention solely to bitcoin.
The German politician also called to attention the significance of establishing an official Bundestag committee that acknowledges the distinct technological aspects of bitcoin compared to other crypto assets and primarily focuses on the importance of bitcoin for our society. Cotar's unwavering position revolves entirely around bitcoin, as she affirms, "My initiative is exclusively centered on Bitcoin."
The federal parliament member firmly opposes the digital Euro and instead believes that bitcoin is a better choice as a digital asset for the country. This is mainly because bitcoin operates in a decentralized manner, offering greater financial freedom and privacy. Cotar is worried about the possibility of excessive surveillance and control by central banks.
Push for Bitcoin in the Bundestag
Cotar is concerned that a digital Euro could result in extensive monitoring of citizens, and she emphasizes the importance of financial privacy. To illustrate her point, she draws comparisons to China's social credit system as a warning example. The proposal outlines a vision of a future where bitcoin seamlessly integrates into Germany's regulatory framework. It suggests accepting bitcoin as a form of payment for taxes and fees, while also utilizing bitcoin mining to ensure stability in the power grid.
Germany's move to acknowledge bitcoin as an official form of currency reflects a noteworthy potential transformation in the nation's financial landscape. Should this endeavor prove fruitful, Germany could emerge as a trailblazer in embracing decentralized digital currency within its government, potentially prompting other countries to reassess their stance on Bitcoin.
Would demand increase for BTC?
If, Bitcoin in the Bundestag is succesful, the potential effects of this development on the value of bitcoin are significant, as it is likely that demand will increase and therefore drive up the price. The formal backing of a major economy such as Germany could enhance the credibility and attractiveness of bitcoin, drawing in more investors from both institutional and individual spheres.
This could result in a more stable and potentially upward trend in its valuation, particularly given Germany's substantial economic influence both in Europe and worldwide.