Originally published on: December 17, 2024
European lawmaker Sarah Knafo is shaking up the conversation in the European Union by pushing for the establishment of a strategic Bitcoin reserve while turning down the idea of a “digital euro,” a proposed central bank digital currency (CBDC) by the European Central Bank (ECB).
In a bold move, Knafo, a French magistrate and newly-elected member of the European Parliament, made a compelling case for the EU to embrace Bitcoin and create a strategic BTC reserve. In her impassioned speech to her colleagues, she emphasized the need to resist the totalitarian tendencies of the ECB and instead embrace the decentralized nature of Bitcoin.
Comparing global crypto regulation trends, Knafo highlighted the progressive steps taken by countries like El Salvador and the crypto-friendly stance of the incoming US administration. With the US Federal Reserve Chair acknowledging Bitcoin as digital gold, the tide seems to be shifting towards wider acceptance of cryptocurrencies.
While European regulators have been focused on heavy-handed regulation and stifling innovation in the crypto space, Knafo is advocating for a new approach. She urged European lawmakers to protect citizens from inflation and oppose the ECB’s push for a digital euro under its complete control.
As the EU continues to grapple with the concept of a digital euro, Knafo’s call for a strategic Bitcoin reserve offers a fresh perspective on how the region can navigate the evolving landscape of digital currencies. With the ECB expected to make a final decision on a digital euro by 2025, the debate over the future of currency in Europe is far from over.
In a time of uncertainty and rapid change, Knafo’s vision for a Bitcoin-backed EU presents a bold and innovative solution that could shape the future of finance in Europe. As the world watches closely, the stage is set for a dynamic transformation in the way we perceive and utilize digital currencies.
