As the European Union actively paves the way for the future of digital currency, with the introduction of comprehensive crypto legislation and the development of a central bank digital currency (CBDC) known as the “digital euro,” not everyone is on board with this vision. Joana Cotar, a member of the German federal parliament (Bundestag) and a Bitcoin activist, stands as a staunch opponent of the digital euro.
Cotar expresses concerns that a digital euro could give central banks excessive control, allowing them to set limits on payments and ownership, potentially putting citizens at their mercy. She fears that widespread surveillance and monitoring could accompany the digital euro, infringing on individuals’ privacy rights. Drawing attention to China’s social credit system, Cotar sees it as a warning of the consequences of a state-controlled and cashless payment system.
While the European Central Bank emphasizes its lack of interest in users’ personal data regarding the digital euro, Cotar remains skeptical and continues to raise awareness about what she perceives as potential dangers associated with the digital euro among her fellow lawmakers.
However, Cotar is not merely a critic; she is also an advocate for Bitcoin. Through her “Bitcoin in the Bundestag” initiative, she aims to educate members of the German Bundestag about the potential and risks of Bitcoin. Cotar envisions Bitcoin playing a broader role, including the ability to pay taxes and fees with Bitcoin, using Bitcoin mining farms to stabilize the power grid, and even exploring a legal framework that recognizes Bitcoin as legal tender in Germany.
Cotar emphasizes the importance of balancing the need to combat potential risks associated with Bitcoin, such as money laundering and tax evasion, with fostering innovation and preserving the freedom aspects of Bitcoin. Her initiative focuses solely on Bitcoin, and she calls for international cooperation to develop a standardized approach to Bitcoin and its cross-border use.
While the European Central Bank moves forward with the digital euro project, Joana Cotar remains a vocal opponent, advocating for the benefits and freedoms she sees in Bitcoin. Her vision extends beyond national borders, as she believes the principles she advocates for in Germany could serve as a framework for other countries as well.