2013-08-17 German Ministry of Finance: Bitcoin is "private money"

[nurbili]

Important news for german Bitcoiners:

http://www.faz.net/aktuell/finanzen/devisen-rohstoffe/digitale-waehrung-deutschland-erkennt-bitcoins-als-privates-geld-an-12535059.html

translated via google:

http://translate.google.de/translate?sl=auto&tl=en&js=n&prev=_t&hl=de&ie=UTF-8&u=http%3A%2F%2Fwww.faz.net%2Faktuell%2Ffinanzen%2Fdevisen-rohstoffe%2Fdigitale-waehrung-deutschland-erkennt-bitcoins-als-privates-geld-an-12535059.html

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.

[StarfishPrime]

Germany should attract a lot of start-up capital and associated bitcoin innovation if this legal framework is indicative of future attitudes toward bitcoin by the German gov't. 

A sharp contast to the litigious, heavy-handed actions to date from the multitude of regulatory agencies in the US.

[Spaceman_Spiff]

Germany should attract a lot of start-up capital and associated bitcoin innovation if this legal framework is indicative of future attitudes toward bitcoin by the German gov't. 

I truly hope so.  After the Weimar period, Germans traditionally have greatly valued a strong currency (like their Mark), so they might have the right attitude for bitcoin.  I guess the future will tell...