Taking the example of El Salvador and the USA, French Member of the European Parliament Sarah Knafo calls on the European Union to adopt Bitcoin instead of implementing a digital euro. The MEP also advocates the best policies for developing the crypto industry in Europe.
MEP Sarah Knafo calls on the EU to take inspiration from El Salvador and the USA
While Bitcoin is close to its ATH the debate on this asset has reached the European Parliament. French Member of the European Parliament Sarah Knafo urged the European Union to adopt Bitcoin in a remarkable speech.
Sarah begins her speech by sharing El Salvador’s success story and the United States’ enthusiasm for Bitcoin. Knafo reminds us that El Salvador has achieved a capital gain of over 100% thanks to its DCA. She also mentions the case of the United States. In particular, she points out that Donald Trump is preparing to set up a strategic Bitcoin reserve. Long a critic of Bitcoin, the powerful chairman of the FED Jerome Powell now refers to Bitcoin as digital gold.
While on the other side of the Atlantic some states are capitalizing on the Bitcoin revolution, the European Union and its member states are fighting the queen of cryptocurrencies. According to Sarah Knafo, the EU is squandering public money on mismanagement, accumulating inflationary deficits and fighting the crypto industry. Faced with this situation, she calls for the protection of the European population by developing the crypto industry.
No to the digital Euro, yes to Europe’s strategic Bitcoin reserve
Sarah Knafo MEP’s plan to develop Bitcoin in Europe is based on the transition from the digital Euro to the strategic Bitcoin reserve. Indeed, the MEP is calling on the European Central Bank to abandon the development of the digital Euro. For her, this CBDC could be a tool of control and repression. The MEP’s concerns are well-founded. In China, for example, the CBDC is used to monitor financial transactions and determine eligibility for social credit in the country. Sarah Knafo advocates the establishment of strategic Bitcoin reserves at the level of European Union member states rather than the implementation of the digital Euro.
The MEP also advocates the development and promotion of the crypto ecosystem in Europe. In particular, she calls for the development of the mining industry and the adoption of a more advantageous crypto tax system for investors. In a Europe where the taxation of crypto can be as high as 52% in some countries, European tax policy deserves a mention.
European authorities have always been critical of cryptocurrencies. Two years ago, the European Central Bank described Bitcoin as an absolute failure. Faced with Donald Trump’s pro-Bitcoin stance and the adoption of ETFs in the USA, the cryptocurrency debate is being rekindled everywhere. At a time when the Bitcoin revolution is underway all over the world, MEP Sarah Knafo’s appeal has the merit of reminding Europe that it is lagging in this sector.
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.
