Germany recognized Bitcoin as 'private money' over half a year ago
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....
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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....
Germany has recognized Bitcoin as “private money”, making it the first country to accept a cryptocurrency as a “currency” according to reports in Die Welt. The decision opens the way for broader acceptance of Bitcoin while raising the possibility of taxation and other forms of financial regulation. The decision means that while personal use of the virtual currency will be tax-free, commercial enterprises using Bitcoin will be taxed. The decision was part of the German Finance Ministry’s response to a query from Parliamentary Finance Committee member Frank Schaeffler. “For the first time,....
Who ever said Bitcoin was make-believe Internet money? The digital currency, as it were, is now considered to be legal tender in Germany. A report from Progress.org indicated that Bitcoin has been deemed to be a "unit of account" by the German Finance Ministry. Frank Schaeffler of the German Parliament Finance Committee said, "We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction." "A free country should resist and not intervene in citizen's private choice....
India’s Finance Secretary T.V. Somanathan warned on Wednesday that private digital money will never be recognized as legal tender in the country. Only the Reserve Bank of India’s digital currency is recognized as a legal tender. The government will not be held liable for any losses incurred in private crypto investments. Cryptocurrency trade, on the […]
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....