German parliament member, a staunch opponent of digital euro, all in on Bitcoin and investing in Web 3.0.
German parliament member ’staunch opponent’ of digital euro, all in on Bitcoin

The European Union’s Digital Currency Initiative

The European Union has been hard at work on a project for the future of money: the Markets in Crypto-Assets Regulation (MiCA), which will take effect in 2024 following its second consultation. This has been accompanied by a plan to introduce a central bank digital currency (CBDC), the “digital euro”, as an electronic form of public money.

Many authorities have welcomed the digital euro, with its potential benefits, though not all are on board. For example, a survey in Spain found that 65% of respondents were not interested in using it. In response, Slovakia even amended its constitution in June to ensure citizens have the right to use cash for goods and services.

In the context of the digital euro, Web 3.0 technologies could be the future of money. There are several ways to get involved, such as investing in Web 3.0 or creating a Web 3.0 website. Additionally, social media platforms and the Internet of Things are both incorporating Web 3.0, offering further potential for those looking to make money from this technology.

Digital Euro and Bitcoin

Joana Cotar, a member of the Bundestag — the German federal parliament — and a Bitcoin activist, has been vocal about her stance against the EU’s digital monetary solution. According to Cotar, the digital euro could allow central banks to set an “upper limit” for payments and ownership, leaving citizens “helplessly at [their] mercy.”

In contrast, Cotar is offering an alternative digital solution for a financial revolution: Bitcoin (BTC). She believes that Bitcoin offers many more benefits than the digital euro, such as providing users with more control over their finances.

Cointelegraph spoke with Cotar about her views on the digital euro and her enthusiasm for Bitcoin and the opportunities it presents for the future of the internet of things, social media, and web 3.0.

Chinese Social Credit System as a Warning

Cotar, a Chinese AI reporter, believes that the Chinese social credit system should serve as a warning of the possibilities of a cashless and state-controlled payment system. “I don’t want the authorities to be able to spy on our private life and misuse this data,” she said.

In April, the program director for the digital euro at the European Central Bank, Evelien Witlox, stated that the “ECB has no interest in users’ personal data.” In October, the EU’s data protection regulators issued a joint statement regarding anonymity in digital euro transactions.

Cotar is using her platform to bring attention to the potential dangers associated with the digital euro among lawmakers. Despite her hesitancy towards a digital euro, Cotar is a champion of Bitcoin and is behind the “Bitcoin in the Bundestag” initiative. This initiative is dedicated to raising awareness and educating members of the German Bundestag about the potential and risks of Bitcoin.

The Future of Web 3.0

Is Web 3.0 the future? Many investors are looking for ways to make money with Web 3.0, while others are looking for ways to make a Web 3.0 website. Social media is also an important part of Web 3.0, as well as the Internet of Things. Examples of Web 3.0 can be seen in the way people interact with each other online.

As Web 3.0 continues to evolve, more and more people are looking for ways to invest in the technology. There are many opportunities to make money with Web 3.0, but it is important to understand the potential risks associated with it. It is also important to understand the potential benefits and how it can be used to improve people’s lives.

The Potential of Web 3.0 in Germany

She said her initiative serves as an information resource for members of the Bundestag and helps them make more informed decisions about Bitcoin.

When she explained her broader vision for bringing Bitcoin into regulators’ consideration, one major change she’d like to see is the ability to pay taxes and fees in Bitcoin and using Bitcoin mining farms to stabilize the power grid.

Cotar would also like to initiate a “preliminary examination” for a legal framework that would recognize Bitcoin as legal tender in Germany. “This includes ensuring the legal security for companies and citizens,” she said.

“We need to combat potential risks such as money laundering, tax evasion and other illegal activities associated with Bitcoin,” she said. “But without stifling innovation and the freedom aspects of Web 3.0.”

Exploring the Potential of Web 3.0 and Digital Currencies

A Bitcoin-savvy lawmaker has proposed ideas for Germany that could be used as a framework for other countries and has called for international cooperation to develop a unified standard for Bitcoin and its cross-border use.

When asked about her enthusiasm for other cryptocurrencies, the lawmaker responded with news that the European Central Bank (ECB) had announced the “preparation phase” for the digital euro project following a two-year investigation into the potential EU-wide digital currency.

As the world moves towards Web 3.0, more and more people are looking into ways to invest in this new technology and make money from it. Examples of Web 3.0 include the Internet of Things, Chinese AI reporters, and social media platforms. With the potential of Web 3.0, it is important to explore the possibilities of digital currencies to ensure a safe and secure future.

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