Joana Cotar’s initiative to recognize Bitcoin as legal currency in Germany: details and prospects.
Joana Cotar, a member of the Bundestag, the German federal Parliament, is leading an initiative to assess the possibility of allowing Bitcoin to become a legal currency in Germany.
Cotar’s project
Cotar, as revealed in an interview with Cointelegraph, is said to be seeking to initiate a preliminary evaluation to develop a legal framework that recognizes Bitcoin as the official currency in the country. The intent would be to provide legal security to businesses and individuals, while simultaneously aiming to manage potential risks associated with Bitcoin, such as money laundering, tax evasion, and other illegal activities.
Bitcoin in the Bundestag
As part of her targeted campaign to raise awareness and educate her parliamentary colleagues about the potential benefits of Bitcoin, Cotar has initiated the “Bitcoin in the Bundestag” initiative. The focal points of this initiative include the promotion of Bitcoin’s aspects of freedom, such as privacy protection, security standards, and the prevention of over-regulation.
Focus on Bitcoin
It’s interesting to note that Cotar seems to concentrate her interest exclusively on Bitcoin, overlooking other cryptocurrencies. She has announced her plans to establish a formal Bundestag committee tasked with examining the technological differences between Bitcoin and other digital currencies.
Cotar’s exclusive interest in Bitcoin rather than other cryptocurrencies reflects the views of many industry experts who see Bitcoin as a particularly relevant digital asset. Cotar is known for her criticism of the European Central Bank’s digital currency (CBDC) plans and has actively participated in the ongoing debate in Europe on digital currencies.
