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Germany’s Centre Right Alliance Secures Most Seats in Parliamentary Election
Friedrich Merz’s CDU/CSU secured 28.52% of the vote in Germany’s parliamentary election on Sunday, suggesting a more innovation-friendly environment awaits.
The far-right Alternative for Germany (AfD) secured 20.8% of the vote, with no party securing a majority. There are 733 seats in the German Bundestag, and a coalition will be formed.
European Union Policy on Digital Innovation
Mark Foster, European Union policy lead at the Crypto Council for Innovation, expects that the Centre Right Alliance will likely support the European Union’s approach to digital innovation.
“So, I don’t expect a massive change overnight from the previous government to the new government in terms of either digital assets policy or digital euro, but perhaps an openness and a willingness to think about how these solutions can possibly help improve the competitiveness of the German and the European economy and bring in some jobs and growth in competition, which is clearly the overarching principle at the moment and priority for the European Commission,” Foster said.
Impact on Crypto
Germany’s election so far has had little impact on crypto. The country, which is the European Union’s largest economy, called an early election after its coalition between the Social Democrats (SDP), Free Democratic party (FDP) and Greens collapsed in November.
Though the country was late in passing legislation to enforce the European Union’s bespoke Markets in Crypto Assets legislation – passing legislation days before the mandated implementation date in December – it still managed to process MiCA licenses over the past couple of weeks. And Foster doesn’t expect there to be “any impact in terms of the day-to-day implementation of existing EU law” moving forward.
New Chancellor and Head of Government
Next, the freshly elected members of parliament will need to vote for the country’s new chancellor and head of the federal government.
Conclusion
The Centre Right Alliance’s victory in Germany’s parliamentary election suggests a more innovation-friendly environment, which may lead to a more open approach to digital assets policy and the digital euro. However, the impact on crypto so far has been minimal, and it is unlikely to change the day-to-day implementation of existing EU law.
FAQs
- What is the Centre Right Alliance?
The Centre Right Alliance, also known as CDU/CSU, is a German political party that secured the most seats in the country’s parliamentary election. - What is the European Union’s approach to digital innovation?
The European Union is committed to promoting digital innovation and competitiveness, and the Centre Right Alliance is likely to support this approach. - What is the impact of the election on crypto?
The election has had little impact on crypto, and it is unlikely to change the day-to-day implementation of existing EU law. - What is the next step?
The freshly elected members of parliament will need to vote for the country’s new chancellor and head of the federal government.
