Joana Cotar, a member of the German Federal Parliament Bundestag, recently announced her support for Bitcoin to be recognized as the official currency in Germany.
This statement was revealed during an interview in which Cotar discussed his goals of placing Bitcoin at the center of the German financial world.
Cotar announced his intention to lead a “preliminary review” to create a legal framework that would officially recognize Bitcoin as such. He emphasized the importance of creating a balanced regulatory environment. “This includes ensuring legal security for companies and citizens,” he said.
Cotar's approach addresses potential risks such as money laundering, tax evasion, and other illegal activities often associated with BTC use. Still, Cotar stated that he is keen to preserve the innovative and liberating aspects of Bitcoin, saying of the regulation, “But without hindering the innovation and freedom aspects of Bitcoin.”
Cotar launched the “Bitcoin in the Bundestag” initiative to further his work in the German Parliament. This effort is designed to enable more informed legislative decisions by enlightening parliamentary colleagues about the numerous benefits of BTC.
“We need to encourage the libertarian aspects of Bitcoin,” said Cotar, emphasizing the need for privacy protection, robust security standards and a regulatory approach that avoids excessive restrictions.
Unlike its counterparts in the cryptocurrency world, which are generally more broadly diversified, Cotar focuses solely on BTC. “It is very important for us to establish an official Bundestag committee that recognizes the technological differences between Bitcoin and other crypto assets and deals mainly with the importance of Bitcoin for our society,” he said.
Cotar emphasized that his initiative is only for BTC, not for cryptocurrencies in general.
*This is not investment advice.
