According to a recent report, a prominent member of the German parliament, Joana Cotar, has reportedly criticized the central bank digital currency, which the German government has embarked on, claiming its surveillance nature would jeopardize users’ privacy while defeating the purpose of decentralized finance. Hence, she opposes the digital euro development while advocating for Bitcoin adoption.
In recent weeks, the European Union has been taking dedicated steps towards achieving its ambitious plan of issuing the digital euro.
Furthermore, the report showed that there is a significant disparity in public sentiment towards the issuance of a digital euro across member states of the EU. For instance, a recent research carried out in Spain revealed that about 65% of respondents oppose the need for digital currency. Meanwhile, the Slovakian government has implemented a legislature to protect its citizens’ right to use the fiat currency against the potential CBDC launch. Generally, this shows a conflict of interest in the issuance of digital euros across EU member states.
German Policymaker Detest European CBDC
However, since the commencement of the project, the EU has faced a lot of challenges, ranging from technology letdowns to several individuals and organizations who are against the issuance of the CBDC. According to the report, one of the notable individuals opposing the creation of the digital euro is Joana Cotar, a prominent member of the German parliament.
Cotar is reportedly not contented with the centralized nature of the digital euro as she claimed it has several negative consequences on users. According to the lawmaker, the digital euro enables central banks to set arbitrary restrictions on payments and ownership. Furthermore, Cotar claimed that CBDC is an excellent tool for the government to implement public surveillance, monitoring the daily transactions of individuals and organizations who use it.
In addition, the report revealed that the policymaker’s strong opposition to central bank digital currency is further fueled by her libertarian principles that hold people’s privacy and freedom in high esteem. Hence, she detests the idea of authorities having control and access to individuals’ transaction details.
Cotar Advocates For Bitcoin As a Better Alternative
Meanwhile, the European Central Bank has reportedly promised the public that its focus is not on spying on the transaction data of digital work users. However, Joana remains skeptical about the project as she pointed out the need for up-to-date examination and awareness among policymakers. While Cotar strongly opposes the CBDC, she has been a dedicated advocate of the primary cryptocurrency, Bitcoin, for a while now, spearheading several events and initiatives to increase the adoption of the token.
For instance, she reportedly led the “Bitcoin in the Bundestag ” program, which was aimed at enlightening German Bundestag’s members about the potential benefits and investment risks that accompany Bitcoin. Apart from education, Cotar considers Bitcoin to play a broader role in society, such as fees and tax payments using BTC and stabilizing the power grid by leveraging BTC mining farms.
EU Keen On Issuing CBDC Despite Opposition
According to the report, the lawmaker’s primary focus is currently on Germany; however, she envisages that her initiatives and ideas could equally be used as a standard in other nations that want to adopt Bitcoin. Furthermore, they highlighted the need for global corporations in order for a suitable standardized Bitcoin and crypto framework to be developed. More so, she believes BTC’s potential extends beyond cross-border utility as she pointed out the possibilities for a global alliance in reshaping the future of virtual currencies.
Meanwhile, in a recent development, the Central Bank of Euro stated that it has begun the preparation stage for its CBDC project. According to the report, the apex bank revealed it had earlier conducted a thorough investigation into the possibility of a digital currency for EU member nations. Spectators revealed that the recent development depicts the European Central Bank’s commitment towards issuing the digital euro despite opposition from individuals like Joana Cotar.
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