Germany's Movement Towards Legalizing Bitcoin as Currency: The Proposal by Joana Cotar

Joana Cotar's proposal to legalize Bitcoin in Germany marks a pivotal moment in global finance.

Learn how this bold move aligns with global trends, reflecting a growing acceptance of Bitcoin as a viable legal tender worldwide.

Joanna Kottar Proposes Bitcoin as Legal Tender in Germany

German Federal Parliament member, Joana Cotar, has proposed a bill to recognize Bitcoin (BTC) as a legal currency in Germany, as revealed in a report by "Cointelegraph".

Strong Opposition to the Digital Euro in the EU

While the European Union (EU) is progressing with the introduction of the Central Bank Digital Currency (CBDC), known as the Digital Euro, 65% of Spaniards reportedly have no interest in the Digital Euro.

In line with this sentiment, Joana Cotar has expressed opposition to the Digital Euro while supporting Bitcoin.

In an interview with the media, Cotar showed a firm stance against the Digital Euro, pointing out, "If the Digital Euro is realized, the central bank could set limits on payments and ownership, leaving citizens helpless and entirely at the mercy of these regulations."

The digital euro would also mean that each and every one of us could be totally monitored.

As a convinced libertarian, I emphatically reject this. Anyone who is against surveillance and for freedom does not need a digital euro!

Preliminary Research for Legalizing Bitcoin as Currency

Regarding Bitcoin, there is an ongoing effort to "raise awareness and educate members of the German Federal Parliament about the possibilities and risks of Bitcoin."

The importance of establishing a formal Federal Parliament committee to handle the significance of Bitcoin in society is also emphasized.

Examples of specific concepts for adopting Bitcoin include "enabling the payment of taxes and fees in BTC" and "using Bitcoin mining farms to stabilize the power grid."

Furthermore, it is reported that "There is a need to defend the free aspect of Bitcoin," and "I want to start a preliminary investigation into the legal framework for recognizing Bitcoin as a legal currency in Germany."

Establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and mainly deals with the importance of Bitcoin for our society is very important for us.

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.

We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin.

But without stifling innovation and the freedom aspects of Bitcoin.

Bitcoin's Legalization as Currency in El Salvador and Beyond

The movement to recognize Bitcoin (BTC) as a national legal currency is spreading globally. In September 2021, El Salvador became the first country in the world to implement a law recognizing "Bitcoin as legal tender."

Following this, El Salvador has been advancing various initiatives such as "providing wallets, introducing Bitcoin ATMs, Bitcoin payments, distribution of promotional advertisements, purchasing BTC, building Bitcoin City, and operating mining pools."

The support for Bitcoin as "a new global currency" is widespread worldwide.

With numerous voices in favor of legalizing Bitcoin as a currency in countries beyond Germany and El Salvador, the actual recognition of BTC as a legal currency in Germany could accelerate this movement.