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Quote
The internet currency Bitcoin has taken another important step towards legal certainty in Germany. Thus, the federal government recognizes the digital currency as a "unit of account". This makes them a kind of "private money", which can be used in "multilateral clearing circles". The production of bitcoins is therefore "private money creation" as the Federal Ministry of Finance announced. To enable the digital currency is accepted and tax law. This emerges from a request from the FDP deputie Frank Schaeffler. The Ministry of Finance was recently often busy with Bitcoins. So also was known by a request from Schaffler that gains from Bitcoins after one year are exempt. The Treasury treats them so differently than stocks, funds or certificates. These are subject to a final withholding tax of 25 percent. The Ministry of Finance explained that the sale of Bitcoins after a year was a private sale transaction within the meaning of the Income Tax Act.