{"id":85698,"date":"2023-11-17T10:38:35","date_gmt":"2023-11-17T15:38:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/german-mp-joana-cotar-advocates-for-bitcoin-to-be-recognized-as-legal-tender-in-germany\/"},"modified":"2023-11-17T10:38:36","modified_gmt":"2023-11-17T15:38:36","slug":"german-mp-joana-cotar-advocates-for-bitcoin-to-be-recognized-as-legal-tender-in-germany","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85698","title":{"rendered":"German MP Joana Cotar Advocates for Bitcoin to Be Recognized as Legal Tender in Germany"},"content":{"rendered":"<div>\n<figure id=\"attachment_132846\" aria-describedby=\"caption-attachment-132846\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-132846\" class=\"wp-caption-text\">Source: AdobeStock\/takashi tamiya<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">German Bundestag member <strong>Joana Cotar<\/strong> has expressed his support for recognizing Bitcoin (BTC) as a legal tender in the country.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">recent interview<\/span><span data-preserver-spaces=\"true\">, Cotar shared her ambitions to bring Bitcoin into the mainstream of German finance and discussed her plans to initiate a \u201cpreliminary examination\u201d to establish a legal framework for this recognition.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cotar emphasized the need for a balanced regulatory environment that ensures legal security for companies and citizens while addressing concerns related to money laundering, tax evasion, and other illicit activities associated with Bitcoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She aims to strike a balance that supports innovation and the freedom aspects of Bitcoin without stifling its potential.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To drive her cause within the German legislative body, Cotar has launched the \u201cBitcoin in the Bundestag\u201d initiative.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The initiative aims to educate her parliamentary peers about the numerous benefits of Bitcoin, enabling more informed legislative decisions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cotar emphasized the importance of promoting the freedom aspects of Bitcoin, including privacy protection, robust security standards, and a regulatory approach that avoids unnecessary restrictions.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Cotar Remains Focused on Bitcoin<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Unlike some of her counterparts who take a broader view of the crypto market, Cotar\u2019s focus remains exclusively on Bitcoin.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She even recommended establishing a formal Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets while primarily addressing the significance of Bitcoin for German society.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cotar\u2019s stance also includes her opposition to the digital Euro.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She believes that Bitcoin, with its decentralized nature and potential to enhance financial freedom and privacy, is a more suitable digital asset for the country.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cotar also raised concerns about potential surveillance and overreach by central banks, cautioning against the dangers of a digital Euro leading to extensive monitoring of citizens.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She envisions Bitcoin becoming an integral part of Germany\u2019s regulatory framework.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Her proposal includes accepting Bitcoin for taxes and fees and leveraging Bitcoin mining to stabilize the power grid.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If successful, the recognition of Bitcoin as legal tender in Germany could have significant implications for the country\u2019s monetary ecosystem.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Germany could emerge as a pioneer in adopting decentralized digital currency at a governmental level, potentially influencing other nations to reconsider their stance on Bitcoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, such a development could impact Bitcoin\u2019s value.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The formal endorsement by a major economy like Germany could enhance Bitcoin\u2019s legitimacy and appeal, attracting more institutional and individual investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This increased demand could potentially lead to a more stable and upward trajectory in Bitcoin\u2019s valuation, especially considering Germany\u2019s economic influence in Europe and globally.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">El Salvador\u00a0<\/span><span data-preserver-spaces=\"true\">became the first country<\/span><span data-preserver-spaces=\"true\">\u00a0in the world to adopt Bitcoin as legal tender.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On June 8, 2021, the Salvadoran Congress approved a law proposed by President Nayib Bukele to make Bitcoin a legal form of currency in the country.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The law went into effect on September 7, 2021, making Bitcoin an official medium of exchange alongside the US dollar, which has been the country\u2019s official currency since 2001.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/german-mp-joana-cotar-advocates-for-bitcoin-to-be-recognized-as-legal-tender-in-germany.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock\/takashi tamiya German Bundestag member Joana Cotar has expressed his support for recognizing Bitcoin (BTC) as a legal tender in the country.\u00a0 In a\u00a0recent interview, Cotar shared her ambitions to bring Bitcoin into the mainstream of German finance and discussed her plans to initiate a \u201cpreliminary examination\u201d to establish a legal framework for this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-85698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>German MP Joana Cotar Advocates for Bitcoin to Be Recognized as Legal Tender in Germany | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock\/takashi tamiya German Bundestag member Joana Cotar has expressed his support for recognizing Bitcoin (BTC) as a legal tender in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=85698\" 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