Why This Lawmaker Is Pushing For Bitcoin To Become Legal Tender In Germany

Joana Cotar, a member of Germany’s federal parliament, recently reiterated her support for Bitcoin. Cotar is an outspoken proponent of cryptocurrencies, BTC in particular, and is championing efforts to make the asset a legal tender in Germany. This has come amidst the European Union’s plan to launch a digital Euro, which Cotar has voiced strong opposition against.

Cotar’s Plan to Educate German Lawmakers on Bitcoin

German lawmaker Joana Cotar wants her country to embrace Bitcoin in a big way. Cotar’s proposal would make BTC legal tender in Germany, leading the country into a new realm of decentralized finance. 

The lawmaker made this known in an interview with Cointelegraph, where she discussed her ambition to bring BTC into Germany’s mainstream finance. Cotar told Cointelegraph that she wants to lead a “preliminary examination” to create a legal framework to officially recognize Bitcoin as legal tender as the lawmaker believes BTC can provide real advantages for citizens, from privacy to more financial freedom.

“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,” the lawmaker said.

However, Cotar faces an uphill battle to make this a reality. For this proposal to gain traction, Cotar knows she must first educate fellow lawmakers on the benefits of the digital currency. As a result, she has created an initiative called “Bitcoin in the Bundestag” to advance her cause in the parliament. This initiative hopes to educate on the importance of privacy protection and a regulatory overview while maximizing the benefits of BTC.

“This includes ensuring the legal security for companies and citizens,” Cotar said.

BTC And Nothing Else

Cotar’s support for BTC hasn’t spilled over to other digital assets, as the lawmaker mentioned her initiative is focused on Bitcoin only. Cotar has particularly been a critic of the European Central Bank’s digital currency plans, voicing concerns raised by some lawmakers and many financial analysts. Her primary concern has been the possibility of monetary restrictions and surveillance on digital euro transactions by central banks. 

A survey conducted by the Central Bank of Spain found that only 20% of respondents indicated that they would use the digital euro, while 65% of respondents indicated that they would not.  The lawmaker echoed this sentiment last week, saying nobody needs the digital euro while speaking in parliament.

🇩🇪 “Nobody needs the digital euro,” says Member of Germany’s Parliament while wearing a #Bitcoin T-shirt. 🤝 pic.twitter.com/Rw4qdeKE0h

— Bitcoin Archive (@BTC_Archive) November 11, 2023

BTC As A Global Legal Tender

Countries and financial institutions have been taking note of Bitcoin, as the digital asset continues to grow in adoption and market cap. BTC is already a legal tender in two countries: El Salvador, and the Central African Republic. Making Bitcoin legal tender in Germany would make it the first company in Europe to do so and could open up new possibilities for the crypto industry. 

Cotar believes her framework approach to make BTC a legal tender in Germany could also be implemented in other countries.

BTC recovers above $36,400 | Source: BTCUSD on Tradingview.com

Featured image from Forbes, chart from Tradingview.com