A member of the German Bundestag, Joana Cotar, recently expressed her support for making Bitcoin a legal tender in Germany. In an exclusive interview with Cointelegraph, Cotar highlighted the need for a legal framework that officially recognizes Bitcoin as a legitimate form of payment in the country.
Cotar believes that legalizing Bitcoin as a tender will ensure legal security for both companies and citizens. However, she emphasizes the importance of combating potential risks associated with the cryptocurrency, such as money laundering and tax evasion, without stifling innovation and the freedom that Bitcoin provides.
Bitcoin in the Bundestag Initiative
In order to raise awareness and garner support in the German parliament, Cotar has launched the "Bitcoin in the Bundestag" initiative. The goal of this initiative is to educate her colleagues on the benefits of Bitcoin so that they can make informed decisions about its future. Cotar aims to protect privacy, ensure security standards, and prevent excessive regulation to maximize the advantages of Bitcoin.
Focused on Bitcoin
Cotar's focus is solely on Bitcoin, as she believes that establishing a formal Bundestag committee to recognize the technological differences between Bitcoin and other cryptocurrencies is of utmost importance. By highlighting the significance of Bitcoin for German society, she hopes to emphasize the need for its recognition as a legal tender.
A Critic of the Digital Euro
In addition to advocating for Bitcoin, Cotar has been a vocal critic of the European Central Bank's plans for a digital currency. She recently made a statement against the Digital euro while proudly wearing a Bitcoin shirt, stating that the digital euro is unnecessary and serves only the interests of the ECB and certain politicians.
Bitcoin's Role in Germany
As the debate over digital currency continues in Europe, the role of Bitcoin in Germany remains uncertain. However, Cotar's endorsement of Bitcoin adds fuel to the ongoing discussion and brings more attention to the increasing role that Bitcoin is playing in traditional financial systems. It will be interesting to see how governments respond to this growing influence.
Frequently Asked Questions
Can I keep a Gold ETF in a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
An Individual Retirement Annuity (IRA) is also available. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions made to IRAs are not taxable.
Are You Ready to Invest in Gold?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you are unsure of which option to invest in, consider both.
You can earn potential returns on your investment of gold. Retirees will find it an attractive investment.
While many investments promise fixed returns, gold is subject to fluctuations. Because of this, gold's value can fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. You should just factor the fluctuations into any overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be transported.
As long as you keep your gold in a secure location, you can always access it. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when the stock market falls.
You can also sell gold anytime you like by investing in it. You can easily liquidate your investment, just as with stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Start by purchasing a few ounces. Next, add more as required.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How much do gold IRA fees cost?
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance fees and investment costs for your chosen investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Most providers also charge annual management costs. These fees range between 0% and 1 percent. The average rate is.25% annually. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
The best way online to buy gold or silver
First, understand the basics of gold. Gold is a precious metallic similar to Platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
Two types of gold coins are available today: the legal tender type and the bullion type. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They can't be exchanged in currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When you are looking to purchase gold, the next thing to know is where to get it. You have a few options to choose from if you are looking to buy gold directly through a dealer. First, your local currency shop is a good place to start. You could also look into eBay or other reputable websites. You may also be interested in buying gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. A private seller will usually return less money than a coin shop and eBay. This option is often a great choice for investing gold as it allows you more control over its price.
You can also invest in gold physical. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. Physical gold must be kept safe in an impassible container, such as a vault.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. The pawnshop is a small business that allows customers to borrow money to buy items. Banks tend to charge higher interest rates, while pawnshops are typically lower.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold can be as easy as selling. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
By: Nik Hoffman
Title: German Parliament Member Supports Making Bitcoin Legal Tender
Sourced From: bitcoinmagazine.com/markets/german-parliament-member-wants-to-make-bitcoin-legal-tender
Published Date: Thu, 16 Nov 2023 18:27:49 GMT