The push for BTC as a digital asset in Europe

Joana Cotar, a member of the Bundestag in Germany, openly opposes the idea of a digital euro. In a recent interview, she expressed her concerns about the potential monitoring and privacy violations that could come with a central bank digital currency (CBDC). Cotar is a libertarian and is advocating for bitcoin (BTC) as an alternative to the digital euro.

Cotar’s concern is that the digital euro would enable extensive monitoring and data collection, infringing on individual privacy. She describes herself as a steadfast opponent of the digital euro and vehemently rejects the idea of it. She is rallying for BTC to be adopted as legal tender in Germany, and she is pushing for a legal framework to support this initiative. According to German law, BTC is currently treated as a financial instrument and is subject to similar regulatory requirements as traditional securities and investments. If it were to become legal tender, BTC would not be subject to the same regulatory obligations.

To advance her cause, Cotar has established the ‘bitcoin in the Bundestag’ initiative to educate her fellow parliamentarians about the benefits of BTC. She emphasizes that BTC should be distinguished from other digital assets. Despite some skepticism about BTC‘s utility for the average EU citizen, Cotar’s advocacy has had an impact. After her interview, BTC saw a 5% increase in value, although it has since given back those gains.

Ulrich Bindseil, the ECB’s Director General of Market Infrastructures and Payments, recognizes the privacy concerns surrounding the digital euro project. He reiterated the ECB’s commitment to maximizing privacy in the payment process and ensuring the safety and resilience of transactions.

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While Cotar’s advocacy for BTC may not be influenced by Bindseil’s comments, it remains to be seen if the European Central Bank will be able to address the broader concerns about the impact of CBDCs on privacy. For more information on central bank digital currencies and the considerations for creating and launching them, you can read nChain’s CBDC playbook.

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By Team