Member of the European Parliament Sarah Knafo has urged the European Union to abandon the development of a “digital euro” and instead focus on adopting Bitcoin as part of its strategic reserve.
In a bold speech to the European Parliament, Knafo criticized the European Central Bank’s (ECB) plan for a central bank digital currency (CBDC), calling it a dangerous step towards what she described as a “totalitarian temptation.” Instead, she advocated for the decentralized and secure nature of Bitcoin.
“Reject the digital euro, embrace a strategic Bitcoin reserve,” Knafo proclaimed in a speech shared on X, previously known as Twitter.
The French magistrate and new member of the European Parliament stressed that Europe’s current approach focuses too much on over-regulating and taxing cryptocurrencies while ignoring innovation and economic opportunities.
European MP Sarah Knafo provided a pro-Bitcoin speech before the EU Parliament. Source: Sarah Knafo
Highlighting Global Bitcoin Adoption
Knafo praised other countries for adopting Bitcoin, citing El Salvador’s adoption of Bitcoin as legal tender in 2021. He also noted the growing support for cryptocurrency in the United States, especially under the expected administration of President-elect Donald Trump. Knafo referred to remarks made by U.S. Federal Reserve Chair Jerome Powell in December, where he likened Bitcoin to “digital gold.”
According to Knafo, Europe risks falling behind as the global landscape changes. “Rather than fostering innovation and empowering individuals and economies, Europe has prioritized burdening the crypto industry with excessive regulations and heavy taxation,” she stated.
A call for a change of perspective.
Knafo believes that adopting Bitcoin as a strategic reserve would better protect citizens against inflation and economic mismanagement. “It’s time to change the paradigm. Europe must move away from weak monetary policies and stand up to the ECB’s control over the digital euro,” she argued.
The proposed digital euro is under study, with the ECB planning to decide on its future in 2025. The study began in October 2020, focusing on the potential benefits and risks of a CBDC. However, for lawmakers like Nafo, the centralized nature of the digital euro raises concerns about government overreach and economic freedom.
With her strong stance, Sarah Nafo has reignited the debate over crypto policy in Europe, positioning Bitcoin as a solution to economic challenges and calling on the European Union to embrace decentralization rather than pursuing centralized digital currencies.
Source :
https://cointelegraph.com/news/european-mp-pro-bitcoin-eu-parliament-no-digital-euro
