According to CryptoPotato, Joana Cotar, a German Bundestag representative, has publicly endorsed Bitcoin as a legal tender in Germany. In a recent interview, Cotar shared her aspirations to integrate Bitcoin into the mainstream financial landscape of the country and unveiled plans to initiate a preliminary examination to formulate a legal framework for officially recognizing BTC as a legal tender. Cotar has launched the 'Bitcoin in the Bundestag' initiative to advocate for her cause within the German legislative landscape, aiming to educate her parliamentary colleagues about the diverse benefits of Bitcoin and fostering a more informed decision-making process.
Cotar exclusively focuses on Bitcoin and is pushing for establishing a formal Bundestag committee that recognizes the technological distinctions between Bitcoin and other crypto assets, primarily focusing on the societal importance of Bitcoin. Her position is a firm opposition against the digital euro Central Bank Digital Currency (CBDC). Cotar contends that Bitcoin's decentralized nature makes it a more suitable digital asset for Germany, emphasizing its role in enhancing financial freedom and privacy. This perspective contrasts the European Central Bank's (ECB) ongoing efforts to develop a digital euro, which envisions a universally accessible digital currency that provides high levels of privacy and enables instant payment settlements.
While Cotar advocates for Bitcoin's adoption, the ECB is actively collaborating with European institutions to determine the optimal design of the digital euro, ensuring alignment with people's needs and preferences. This aligns with the global trend of Central Bank Digital Currency adoption, with countries like Ireland, Spain, France, and Italy exploring digital euro prototypes. Cotar's push for Bitcoin as a legal tender in Germany can position the country as a pioneer in adopting Bitcoin at the governmental level and may influence other nations to reconsider their stance on Bitcoin, particularly given Germany's substantial economic influence in Europe and globally.