EU Lawmaker Calls for Bitcoin Reserve, Rejects CBDC

The French lawmaker, who has been a member of the European Parliament since June, recently delivered a passionate speech.

She called on lawmakers to establish a strategic Bitcoin reserve while rejecting the proposed central bank digital currency ( CBDC ).

Knafo Calls for Bitcoin Reserve, Rejects ECB’s Digital Euro Proposal

Knafo made her views clear, stating, “No to the digital euro, yes to a strategic Bitcoin reserve,” in an X post that included a video of her speech before the European Parliament. She argued that the ECB’s efforts to develop a CBDC represented a dangerous step toward “totalitarian temptations” and that the EU should prioritize the decentralized nature of Bitcoin instead of regulatory overreach in the crypto space.

NON à l’euro numérique ❌

OUI à une réserve nationale stratégique de BITCOIN 🔥 pic.twitter.com/o886lk9uV8

— Sarah Knafo (@knafo_sarah) December 16, 2024

In her speech, Knafo pointed to global developments as examples of countries making bold moves in the crypto world. She highlighted El Salvador’s decision in 2021 to make Bitcoin legal tender and noted the pro-crypto stance of U.S. President-elect Donald Trump’s incoming administration. She also referenced U.S. Federal Reserve Chair Jerome Powell’s recent remarks about Bitcoin being “digital gold,” emphasizing Bitcoin’s growing legitimacy on the global stage.

Knafo’s call to adopt Bitcoin as a strategic reserve contrasts with Europe’s current approach to crypto regulation. While many European lawmakers focus on imposing regulations and taxes, Knafo argues that this stifles innovation. Instead of burdening crypto with unnecessary restrictions, she advocates for allowing the market to thrive in a decentralized environment.

🇪🇺 French Member of European Parliament @knafo_sarah , calling the EU to set up a strategic #Bitcoin reserve resist #CBDC !
She mentions @nayibbukele ’s actions @realDonaldTrump ’s vision. What a refreshing voice! 👏🏻 pic.twitter.com/4QCgv8k5gQ

— Efrat Fenigson (@efenigson) December 17, 2024

By suggesting that the EU focus on Bitcoin as a reserve, Knafo is urging Europe to take a more forward-thinking approach, one that embraces digital assets rather than shying away from them. As Europe faces pressure from the ECB to develop a CBDC, Knafo’s proposal raises the question of whether Bitcoin could offer a more viable alternative.

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