DeutschThe German federal elections are already causing plenty of discussion with some surprising developments in polls in the run-up. It is not only the CDU that is increasingly seeing its chances dwindle. Bündnis 90/Die Grünen are also now seeing themselves significantly distanced from their initial high in surveys. However, past experience shows that more and more voters tend to make different decisions at short notice. In that respect, it could remain exciting until the very end. The outcome of the elections to the 20th German Bundestag is not only interesting with regard to issues such as environmental protection and tax policy. In connection with the future financial policy orientation of the new government, it is also worth comparing closely for crypto enthusiasts. Not all parties present themselves in their programs as open to the sector of digital currencies, the blockchain and other aspects associated with the crypto area.
Therefore, the next sections will focus on the positions of the various major parties – more precisely: the CDU, SPD, Greens, FDP, Left and AfD. What is their attitude towards cryptocurrencies? Where can crypto fans make their mark in order to be able to hope for positive changes after the elections?
FDP Wants to Promote Digital Currencies more Strongly
The FDP should start at this point. The party published a first draft of its election program earlier than some of its employees in mid-April. In the final program, one thing became clear first: The Free Democrats unequivocally advocate a “fundamental encryption of electronic communication” and generally oppose restrictions in the area of the use of cryptography in order to ensure the best possible protection of data traffic and personal information on the WWW. Although the party continues to advocate the “unrestricted usability of cash as a means of payment”. However, the liberals also support digital currencies such as Bitcoin and Altcoins. With regard to the announced promotion of cryptocurrencies, the blockchain and other technologies in the industry in the event of government participation, the FDP is calling for the development of a reliable legal framework for the crypto space and a constant further development of these legal framework conditions.
Alternative means of exchange are very welcome to the party, which could become the linchpin in the formation of a government. The party’s experts have long criticized the government’s course and repeatedly pointed to a lack of measures by the grand coalition. Rather, the program confirms well-known demands for the regulation of digital assets. Nevertheless, this is an important item on the agenda for crypto fans who have not yet made a voting decision or would like to reconsider their previous political preference.
Source: FDP party program
CDU/CSU Continues to Rely on Digital Euro and the “Blockchain Strategy”
Anyone looking for clearly positive statements on the treatment of digital currencies will not find any satisfactory details in the program of the sister parties CDU and CSU. Instead of making direct reference to Bitcoin and Co., the partners see the need for the euro to be “well equipped for the digital age”. The solution is to be a digital version of the European common currency in order to protect the monetary system against digital competition. Above all, stablecoins such as Facebook’s currency Diem (formerly Libra) have been assessed by the CDU/CSU as a risk to the euro since the first reports about the social media giant’s plans. Otherwise, the following largely applies: cash must remain. According to the program, the digital euro can only be a supplement to cash in order to prevent dangers to the system. A complete switch to a digital currency is not an alternative for the parties. However, one thing remains certain for the parties as before: cryptocurrencies are particularly well suited for criminals. Keyword: money laundering. Digital currencies apart from the state issue are only an option if they are issued by banks and officially audited. In the case of currency exchange, the origin and destination of transactions should be known so that crypto transactions are permissible. However, the parties want to stick to the further development of the state blockchain strategy. Germany is to become a “stronghold for blockchain technology”.
Source: CDU party program
SPD Calls for Strict Rules for the Crypto Market
The terms Bitcoin and cryptocurrencies do not appear in direct form in the “future program” of the Social Democrats. The SPD sees a number of opportunities in digital currencies and the blockchain. However, the party is skeptical, especially in the context of data protection and with regard to recognizable money laundering risks. The current coalition partner of CDU/CSU has been advocating the regulation of digital payment and currency systems at European level for years. Under an SPD-led government or government participation, the party would most likely advocate that services (as brought into play by the EU Commission) from the crypto universe are subject to constant controls. Statements by experts in the ranks of the SPD make this clear again and again.
The digital euro is also seen here as an important approach – it should serve as an essential supplement to the current cash system and payment system from the private sector. For payment transactions within Germany, the digital euro should make an important contribution to guaranteeing the system the necessary resilience and competitiveness.
Source: SPD party program
Greens See Blockchain as an Opportunity, but Problems in Terms of Sustainability
Anyone who has followed the statements of the Greens for some time knows that the party is particularly concerned about the enormous energy consumption of Bitcoin and many other crypto systems. Although the parliamentary group of Bündnis 90/Die Grünen has repeatedly expressed itself positively when it comes to the possibilities for applying blockchain technology. The poor energy balance of the crypto world and the supposedly high risks associated with digital currencies ensure that the party is at least currently not a fan of the assets. Furthermore, the party’s financial policy experts regularly express criticism because of the popularity of cryptocurrencies among criminals. In addition, the Greens see Bitcoin and Altcoins as a threat to the financial market. In the past, the financial policy spokeswoman and economist Lisa Paus also cited potential “speculative exaggerations” as a problem of digital assets. It is not surprising that the lack of sustainability is precisely the reason why the Greens do not predict an all too rosy future for products such as Bitcoin. However, the party does not have a ban in mind. Rather, identical rules would have to apply here as for classic products on the market and cash.
A ban on buying and selling for banks would be most conceivable. In the case of financial transactions in connection with digital currencies, all relevant data should be disclosed. This is how they want to fight money laundering, the financing of international terror and other problems. The party supports the plan for digital money or a digital euro on the part of the ECB so that Europe does not lose touch in the race for the digitization of the financial world.
Source: Party program The Greens
Left also Calls for the Digital Euro
The renowned financial policy spokesman of the Left, Fabio de Masi, spoke out with “beautiful” regularity for a stricter regulation of digital currencies. In this context, however, the party – at least according to the current state of affairs – is not pursuing the path of a general ban on cryptocurrencies. However, a strict regulatory framework is needed in the interests of consumer protection. There is a conditional parallel to the course of the Greens when it comes to the energy requirements of many crypto systems. The party sees currencies that pose a risk to the environment due to enormous energy consumption (especially in the area of crypto mining) as particularly problematic. In this area, bans could not be ruled out in practice if the Left plays a role in the new government and is able to enforce its position. To come back to the protection of consumers: The party does not see Bitcoin as an “efficient means of payment”, which is why its spokesman de Masi deliberately speaks of digital assets.
De Masi classifies Bitcoin and Altcoins as a speculative object with a high risk. Anyone who invests in Bitcoin does so not for reasons of value stability, but in the hope of the highest possible returns. The credo: The Left also considers the development of a digital currency secured by central banks to be necessary.
Source: Party program The Left
AfD without a Clear Position on Digital Currencies
A participation of the AfD in the new federal government is strictly speaking excluded. All major parties speak out, so to speak, “traditionally” against an alliance with the controversial Alternative for Germany. In this way, the AfD can most likely influence future crypto policy from the political opposition in a manageable way. A look at the party program is nevertheless obligatory at this point for the sake of completeness. One goal of the party is to increase public spending “for the research and
Application of quantum cryptography”. The introduction of digital currencies by central banks is out of the question for the AfD, as this could lead to the abolition of cash in the long term. Further precise positions on cryptocurrencies and blockchain are sought in vain in the more than 100-page election program under the heading “Germany. But normal”. However, the party is committed to a digital tax for large technology companies. This could ultimately also have an impact on the crypto world. In this point, the AfD represents a similar position to some other parties from the overview.
Source: AFD Party Program
Our Conclusion: Forward-looking Positive Developments? Nothing Doing
The one “big hit” to the advantage of crypto fans and providers on the market can basically not be found in any program of the established parties. Anyone looking for offers from politics in this regard is better off with small and micro-parties so far. Whether it is worth casting your vote in this case is a purely personal decision. Stricter regulations are most likely to be expected from the major parties. Strict rather than no rules at all? Voters must also weigh this up individually. Regardless of the outcome, developments regarding cryptocurrencies such as Bitcoin or Ethereum and the blockchain remain uncertain.
Further insights and background information on cryptocurrencies and blockchain
