A Munich city council rep has formally suggested for the city to accept Bitcoin for official payments.
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‘Loss of Trust’ in Euro
Andre Wächter, head of the Munich arm of Germany’s Alliance for Progress and Renewal (ALFA) party, made the proposal in direct opposition to the policies of the European Central Bank (ECB), local newspaper Abendzeitung reports.
“The misguided politics of trying to preserve the euro and the ECB’s monetary policy in general will sooner rather than later lead to a huge loss of trust in the euro itself,” Wächter said.
In such a scenario it’s important that Munich as the regional capital is unequivocally on the side of residents and, as part of that, helps raise awareness of alternatives to the euro system.
ALFA identifies the opportunity for a “virtual payment system” to be introduced, specifically mentioning Bitcoin as the likely currency. Residents would have the choice of paying in BTC at selected locations, for example when paying fees connected with local government.
Germany has typically been something of a mixed bag for Bitcoin legally,