Bitcoin’s status in Germany
Back in August, Germany became the first country in the world to recognize Bitcoin as “private money.” Note this is not the same as legal tender. This, perhaps above all, is seen as legitimizing Bitcoin’s image worldwide, where prevailing narratives before mid-2013 or so focused on Silk Road and money launderers. In Germany itself, Bitcoin spenders and businesspeople are now free to engage in digital commerce without the fear that their activities put them on the wrong side of the law. But this designation has further implications in Germany and Europe. First, the currency’s decentralized....
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Bitcoin has long been officially given the status of 'Private Money' in Germany. This makes Germany the first country in the World to recognize Bitcoin as a currency, according to report an August 2013 article in Die Welt. Back then, the German Finance Ministry's response to a query from parliamentary Finance Committee member Frank Schaeffler, was that Bitcoin was recognized as having the status of, 'Private Money'. This decision clearly opens the way for Bitcoin while opening the way for potential taxation and other forms of financial regulation. recognized US IRS has it wrong. This....
Bitcoin faces many hurdles before it may become an everyday currency. For businesses, one of these hurdles is the uncertainty surrounding its tax status. Across Europe, sales tax is known as Value Added Tax (VAT). When a nation begins to charge tax against bitcoin, many may interpret it as acceptance. However, it's possible that the application of VAT could serve to kill bitcoin too. Private money. When news broke earlier this year that Germany was regarding bitcoin as "private money", many rejoiced because it was the first time a European country had laid down any rules about bitcoin at....
CoinTelegraph spoke with Stuart Hoegner, the editor of the book titled “The Law Of Bitcoin” on his experience in being part of the team behind the project as well as his opinion on bitcoin regulation around the globe. The Law Of Bitcoin is a book published in June that provides legal guidance on Bitcoin issues in four countries; Canada, Germany, United Kingdom and the United States. CoinTelegraph: In The Law Of Bitcoin you explore the legal status of Bitcoin in Canada, Germany, United Kingdom and the United States. How did you arrive at this list of countries? “Law should always be the....
After a momentous 2020, this will be the year that bitcoin takes major strides toward becoming the world’s reserve currency. The post BIP 2021: Bitcoin’s Path Toward Reserve Currency Status Is Set appeared first on Bitcoin Magazine.
Berlin has long been seen as something of a hub of bitcoin activity, but Germany as a whole has lagged slightly behind the UK in terms of bitcoin popularity... until now. For the first six months of the year, the UK was home to a higher number of downloads of the original bitcoin client (Bitcoin-Qt) than Germany. Since then, Germany has taken the lead, with 19,248 Bitcoin-Qt downloads taking place in the country from 1st July to the time of writing, compared with 16,826 in the UK. Those based in Germany have also been giving CoinDesk more attention over the past few months. In June and....