- Germany’s Joana Cotar has expressed significant dissatisfaction towards the advancement of the digital Euro.
- She questioned the necessity of such Central Bank Digital Currencies (CBDCs) and voiced her support for Bitcoin.
- Cotar articulated her views during a recent parliamentary speech, challenging the digital Euro’s benefits.
Discover why German lawmaker Joana Cotar is advocating for Bitcoin over the digital Euro, as she raises concerns about privacy and control.
Joana Cotar Questions the Digital Euro
Joana Cotar, an independent member of the German Bundestag, has strongly opposed the European Central Bank’s (ECB) initiative to introduce a digital Euro. In a recent parliamentary speech, she questioned the explicit need for such a currency and highlighted the lack of clear benefits as articulated by ECB President Christine Lagarde. Cotar’s stance underscores a larger debate on the legitimacy and necessity of Central Bank Digital Currencies (CBDCs).
Concerns About Privacy and Financial Risks
Cotar voiced her concerns regarding the digital Euro’s implications on financial privacy and overall economic stability. She argued that the demand for a digital Euro seems confined to the ECB and certain politicians. “The promises that the ECB makes on privacy are not worth the paper they are written on,” she declared, reflecting widespread skepticism. Cotar emphasized that the balance between privacy and policy objectives would ultimately be manipulated by European lawmakers, potentially leading to increased surveillance and control.
Bitcoin as a Viable Alternative
Cotar is not just critical of the digital Euro; she is a staunch advocate for Bitcoin. Through her public speeches and social media platforms, she has promoted Bitcoin as a more transparent and secure alternative. Recently, Cotar shared a video on X, asserting, “It’s not about another means of payment. It’s about control. The digital Euro is the path to total surveillance.” Her statements underscore a broader concern about the potential for CBDCs to infringe on individual freedoms.
Government Bitcoin Holdings and Market Moves
In recent weeks, the German government has actively engaged in the crypto market, holding about 39,826 Bitcoin valued at approximately $2.30 billion. Following the sale of over 10,000 BTC from their reserve of 50,000 BTC, the government offloaded another 1,300 BTC to major crypto exchanges. Blockchain analytics firm Arkham Intelligence reported considerable Bitcoin transactions, marking significant shifts in Bitcoin’s price.
Reactions and Future Outlook
Cotar has been vocal about these liquidations, presenting her views to key government officials, including CDU Deputy Chairman Michael Kretschmer and Chancellor Olaf Scholz. Describing the sales as “counterproductive,” Cotar urges the government to retain its Bitcoin holdings, stressing its potential benefits for investors looking to diversify their assets. Additionally, Cotar has planned a lecture featuring Bitcoin maximalist Samson Mow to further advocate for Bitcoin and discuss its future role in the financial ecosystem.
Conclusion
Joana Cotar’s strong opposition to the digital Euro and her advocacy for Bitcoin highlight critical issues in the evolving landscape of digital currencies. By questioning the necessity and benefits of CBDCs, Cotar pushes for greater transparency and individual financial freedom. As the debate over the future of digital currencies continues in Europe, her insights offer a compelling perspective on the potential risks and rewards associated with these financial innovations.
