European Parliament member Sarah Knafo has urged the European Union (EU) to adopt Bitcoin as a strategic reserve while opposing the European Central Bank’s (ECB) proposed “digital euro.”
In a recent speech shared via X before the European Parliament, Knafo, a French magistrate and lawmaker since June, criticized the ECB’s plans for a central bank digital currency (CBDC), calling it a step towards “totalitarian temptations.” Instead, she championed Bitcoin for its decentralized nature, positioning it as a safeguard against inflation and poor economic policies.
Knafo compared Europe’s regulatory approach to global trends, highlighting El Salvador’s groundbreaking adoption of Bitcoin in 2021 and the pro-crypto stance emerging in the United States under President-elect Donald Trump’s administration. She also referenced US Federal Reserve Chair Jerome Powell, who recently described Bitcoin as “digital gold.”
The lawmaker argued that Europe’s current focus on taxation and strict regulation has stifled innovation, contrasting this with global movements that embrace cryptocurrency’s potential.
“It is time to change the paradigm. It is time to protect our people from inflation and the poor economic choices of our States,”
Knafo declared, emphasizing that the EU must move towards adopting decentralized solutions like Bitcoin to secure its economic future.
Notably, The European Central Bank (ECB) is advancing plans for a digital euro to challenge the dominance of American and Chinese payment systems, according to Piero Cipollone, a member of the ECB’s executive board. In an interview with Le Monde, Cipollone emphasized Europe’s need to enhance its technology and productivity to match the United States. He noted improvements in European employment but raised concerns about slow productivity growth due to limited investments by smaller companies in emerging technologies. Additionally, he pointed out that fragmentation across national borders and a lack of scale have impeded the financing and growth of European firms, affecting their global competitiveness.
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