Bitcoin, Dogecoin Ethereum & Co: What do the parties think of crypto?
The opinions of the parties about cryptocurrencies sometimes differ considerably. What is planned for the federal election?
Bitcoin, Dogecoin or Ethereum: Cryptocurrencies are on everyone’s lips. But what do the big ones hold up Parties in Germany from them? Especially in terms of that Bundestag election 2021? We have analyzed the programs of the CDU / CSU, Greens, SPD, FDP and the Left. We also got votes from politicians.
CDU would like to determine the identity of the crypto buyer
The Bundestag faction of the CDU / CSU makes the start. The program only mentions that “the identity of the buyer and the origin of the money” must also be determined “when exchanging cash for crypto currency and vice versa”.
In a position paper, however, the group advocates “uniform regulation in Europe”. Tankred Schipanski, spokesman for digital agenda, responded to our request that cryptocurrencies have opportunities and risks.
“Cryptocurrencies have a high volatility”
“On the one hand, transfers can be carried out more cheaply and faster than conventional transfers. On the other hand, cryptocurrencies have a high level of volatility, widespread use in the shadow economy and many other disadvantages,” he said.
Greens criticize the high energy consumption of cryptocurrencies
Lisa Paus, finance policy spokeswoman for the Bundestag parliamentary group of Bündnis 90 / Die Grünen, is of the opinion that “blockchain technology has exciting fields of application”. “At the same time, we have to keep an eye on the risks, especially with crypto currencies: These are above all the huge energy consumption, misuse by criminals and the risk of speculative exaggerations,” Paus replied to our request.
Greens: Bitcoin has no future because of energy consumption
“A financial product (Bitcoin) that consumes as much energy as the Netherlands cannot have a sustainable future in the long term,” she says. “We don’t want to ban the crypto casino, just like real casinos,” she said. However, the same rules would have to apply as for traditional financial products.
“We think it is high time in Europe to consider explicitly prohibiting financial institutions such as banks from buying and selling cryptocurrencies,” said the Green politician. In addition, financial transactions would have to be disclosed with regard to money laundering, drug trafficking, child pornography or terrorist financing – as with cash. A threshold has yet to be determined.
SPD: “Cryptocurrencies raise data protection problems”
The SPD parliamentary group also responded to our request. “Blockchain-based cryptocurrencies harbor opportunities and risks, but can also be misused for money laundering and pose data protection problems,” said Lothar Binding, financial policy spokesman for the SPD parliamentary group.
They advocate European regulation and welcome the EU Commission’s proposal that crypto services should be subject to ongoing control.
FDP advocates cryptocurrencies
Christian Dürr, financial policy spokesman for the FDP parliamentary group, speaks out in favor of crypto. “People’s interest in cryptocurrencies has risen sharply in recent years,” he said. That is why they want to keep up with the times and push ahead with the digitization of assets.
“The blockchain ecosystem will be one of the most important game changers on the capital market and in the financial services sector in the next decade. This affects large parts of listed stocks, bonds or fund shares,” said Dürr in response to our inquiry.
Left is aiming for a ban on environmentally harmful cryptocurrencies
The left parliamentary group is aiming for a ban on cryptocurrencies that are harmful to the environment (see page 11 of the election manifesto). Fabio de Masi, financial policy spokesman for the Left, on the other hand, is in favor of strict regulation of Bitcoin, Dogecoin, Ethereum & Co. He did not comment on a ban. “I am in favor of stricter regulation of ‘cryptocurrencies’ and strict financial consumer protection.
“Bitcoin is a speculative investment”
“I prefer to speak of crypto assets, however, because Bitcoin is not an efficient means of payment but a speculative investment,” replied Fabio de Masi, financial policy spokesman for the Left, to our request.
The only purpose of Bitcoin is the speculative increase in value. “An increase in value is not guaranteed either, since the Bitcoin is only held even in the event of an artificial shortage,” explains de Masi. In addition, mining is extremely energy-intensive. “Instead, we need a digital currency guaranteed by the central bank,” said the politician.
A notice: If some statements deviate from the position of the federal parliamentary group, then these are to be understood as the personal opinion of the respective speaker. They do not necessarily reflect the attitude of the federal parliamentary group.
Sources: election programs of the parties, responses to press inquiries, own research
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