The EU has been actively preparing for the monetary future it envisions. Last year, it finalized landmark sweeping crypto legislation, the Markets in Crypto-Assets Regulation (MiCA), which will come into force in 2024 after a second consultation concluded in October.
It has also made progress on its plans to launch a central bank digital currency (CBDC), which will become a “digital euro”.ABN AMRO has describe It is simply “the electronic form of public currency—the coins and notes in our wallets.”
Many local regulators are embracing a digital euro and touting its potential benefits, but not everyone agrees. A recent survey in Spain showed that as many as 65% of Spaniards are not interested in using a digital euro.
The Slovak parliament even passed a measure in June to amend the constitution to enshrine into law the right of citizens to pay for goods and services in cash amid the impending arrival of digital currencies.
In Germany, a local politician not only opposes the digital euro but also offers another digital solution to the financial revolution – Bitcoin.
Cointelegraph spoke with German parliamentarian and Bitcoin activist Joana Cotar about her views on the digital euro situation and why she believes in the benefits of Bitcoin.
Cotar has been outspoken about her stance on the EU’s digital currency solution, telling Cointelegraph that she is a “staunch opponent of a digital euro.”
“No one needs a digital euro,” said a German MP wearing one. #bitcoin T-SHIRT. pic.twitter.com/Rw4qdeKE0h
— Bitcoin Archive (@BTC_Archive) November 11, 2023
She said a digital euro would allow central banks to set “caps” on payments and ownership, leaving citizens “helplessly at their mercy”.
A digital euro also means that each of us can be completely monitored. As a staunch liberal, I categorically reject this. Anyone who opposes surveillance and pursues freedom does not need a digital euro!
Cottard believes that China’s social credit system should serve as a warning about the possibility of a loss of cash and state-controlled payment systems. “I don’t want authorities to be able to spy on our private lives and misuse this data,” she said.
However, in April Evelien Witlox, head of the ECB’s digital euro project, said, “The ECB is not interested in users’ personal data.” In October, the EU data protection regulators issued a joint statement on the anonymity of digital euro transactions.
related: EU Finance Minister: Don’t rush to launch digital euro before new Commission in June 2024
Among other things, Cottard has used her platform to raise awareness among lawmakers about what she sees as the potential dangers associated with a digital euro.
While Cottard may not support a digital euro, she is a fan of Bitcoin.She is the brains behind “Bundestag Bitcoin” initiativeshe told Cointelegraph that she is committed to improving ARaise awareness and educate members of the German Bundestag (MP) about the potential and risks of Bitcoin.
“It is very important for us to establish a formal Bundestag committee that recognizes the technical differences between Bitcoin and other crypto-assets and deals primarily with Bitcoin’s importance to our society.”
She said her initiative provides Bundestag members with information resources to help them make more informed decisions about Bitcoin.
As she explains her larger vision for bringing Bitcoin into the consideration of regulators, one of the big changes she would like to see is allowing taxes to be paid in Bitcoin and the use of Bitcoin mining farms to stabilize the power grid.
“We need to promote the free side of Bitcoin (permissionless access, personal sovereignty) – this includes protecting privacy, ensuring security standards and preventing over-regulation to maximize the benefits of Bitcoin.
Cotar also wants a “preliminary review” of the legal framework recognizing Bitcoin as legal tender in Germany. “This includes ensuring the legal security of companies and citizens,” she said.
When a 72-year-old woman writes to you and says she… #bitcoin Saving money for her grandson. How great can you be? In your 70s, you are more knowledgeable than many young people.
—Joana Cotar (@JoanaCotar) November 13, 2023
“We need to combat potential risks such as money laundering, tax evasion and other illegal activities related to Bitcoin,” she said. “But without stifling Bitcoin’s innovation and freedom.”
The Bitcoin-savvy lawmaker said her ideas for Germany could be “easily transferred” and serve as a framework for other countries. She urged international cooperation to develop comprehensive standards for Bitcoin and its cross-border use.
When asked if she had the same enthusiasm for other cryptocurrencies currently on the market, her answer was simple:
“My initiative is limited to Bitcoin.”
On October 18, the European Central Bank (ECB) announced that it would begin the “preparatory phase” of the digital euro project after conducting a two-year investigation into a potential EU-wide digital currency.
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