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German Lawmaker Pushes For Bitcoin To Become Legal Tender

Published Nov 17, 2023 04:34 Updated Nov 17, 2023 05:40
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Benzinga - In a move that could significantly influence the cryptocurrency landscape, German lawmaker, Joana Cotar, is spearheading an initiative to establish Bitcoin (CRYPTO: BTC) as a legal tender in the country.

What Happened: As reported by Cointelegraph, Cotar, who is a member of the German Bundestag, has expressed her intention to initiate a “preliminary examination” to construct a legal framework that would recognize Bitcoin as an official currency in Germany. She emphasized the need for legal security for businesses and individuals alike, while also addressing potential risks such as money laundering, tax evasion, and other illegal activities associated with Bitcoin.

See Also: Bitcoin, Ethereum, Dogecoin Rebound Strongly, Prompting Over $110M In Short Liquidations: Analyst Says BTC, ETH To Be Part Of 401k Plans

As part of her campaign to raise awareness and educate her colleagues in the parliament about the benefits of Bitcoin, Cotar has initiated the “Bitcoin in the Bundestag” campaign. Her main focus points include the promotion of Bitcoin’s freedom aspects, such as privacy protection, security standards, and preventing over-regulation.

Cotar has expressed her interest exclusively in Bitcoin, disregarding other cryptocurrencies. She disclosed her plans to set up a formal Bundestag committee to explore the technological differences between Bitcoin and other digital assets. Cotar, known for her critique of the European Central Bank’s digital currency plans, has added her voice to the ongoing debate about digital currencies in Europe.

Why It Matters: Cotar’s push for Bitcoin to be recognized as legal tender in Germany comes amid a global debate on the role of cryptocurrencies in mainstream finance. Her exclusive interest in Bitcoin over other cryptocurrencies aligns with the view of many proponents who see Bitcoin as the most promising digital asset.

Read Next: Finder’s ETH Forecast Hits $5.8K By 2025

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German Lawmaker Pushes For Bitcoin To Become Legal Tender
 

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