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European MP Advocates For Bitcoin Reserve, Opposes EU Digital Euro In Parliament

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French Member of the European Parliament (MEP), Sarah Knafo, has expressed strong support for Bitcoin as she opposes the European Union’s plans for a digital euro.

“Yes to a strategic national reserve of Bitcoin,” he insisted.

During a parliamentary session on December 16, 2024, Knafo expressed skepticism about the digital euro project, arguing that it could undermine individual financial autonomy and lead to excessive state control over personal finances.

MEP highlighted Bitcoin as ‘digital gold’

The MEP highlighted that Bitcoin represents a decentralized alternative that aligns with the principles of freedom and transparency.

Meanwhile, the European Central Bank (ECB) has been actively exploring the introduction of a digital euro, a central bank digital currency (CBDC).

However, this initiative has faced criticism from various quarters, including concerns about privacy, excessive government intervention and the potential impact on traditional banking systems.

Bitcoin, often referred to as “digital gold,” operates on a decentralized blockchain network that is not controlled by any central authority. The MEP highlighted Bitcoin’s potential to empower citizens by giving them greater control over their wealth without relying on intermediaries such as banks or governments.

In fact, Michael Saylor chimed in with a post on X to offer support to Knafo.

 

Read more: Is the European Central Bank threatened by Bitcoin? The deputies of the German and Swiss parliaments have their say

The deputies of the German and Swiss parliaments have their say

“I think now the European Central Bank (ECB) is simply afraid of Bitcoin,” said Joana Cotar, a member of the German parliament.

“They said don’t invest in Bitcoin; it’s not worth it. And then suddenly they realized that Bitcoin is not going to disappear. On the contrary, it is gaining more momentum. More and more people are looking into Bitcoin. More and more people are using it. Now it is an election issue in the United States,” Cotar said while speaking at the Plan B Conference in Lugano on October 26, 2024.

“Now they are discussing it in the German parliament. They are discussing it in Switzerland.”

Cotar, a member of the German parliament for over seven years, has been in politics for over 11 years. He has been pursuing the Bitcoin issue in Parliament for two years.

“Talking to my colleagues, I realized that they have no idea what Bitcoin really is. They thought it was something terrorists use to kill the planet. How can we regulate it? Can we ban it? These are the ongoing discussions in the German Bundestag (Lower House).” He gave a speech in parliament against CBDCs or the digital euro, which attracted a lot of attention. He is working to invite experts to parliament to explain what Bitcoin really is.

“Maybe the next time they talk about Bitcoin, they won’t talk about how we can ban it.”

Reporting on the progress, Joana said: “Politics is a marathon. It’s not a sprint. So it will take a long time for Germany. But we have members of all parties represented in the German Bundestag listening to us, including members of the Ministry of Finance and Economics.”

“Maybe the next time they talk about Bitcoin, they won’t talk about how we can ban it, but how we can use it to benefit people,” he insisted.

“Having been in politics for so long, I have realized that politicians and parties are rarely the solution to any problem,” Cotar added. “Most of the time they are part of the problem or they are the problem. We must therefore step forward and give power back to the people. And Bitcoin is an instrument of freedom.”

Explore: Tether CEO Paolo Ardoino Hopes for Net Positive from US Election, Says Bitcoin Strategic Reserve is a Great Idea: 99Bitcoins Exclusive

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