Germany Won’t Tax Bitcoin Users For Using The CryptoCurrency

[CurrencyTime]

Germany won’t impose bitcoin clients for utilizing the Cryptocurrency as a method for installment, the Ministry of Finance has said.


Read More : https://www.currencytimes.co.in/germany-wont-tax-bitcoin/

[zhanyiguai261315]

As long as bitcoin ACTS as a means of payment, Germany will see bitcoin as the same concept as fiat money. The use of digital currency as a means of payment for bitcoin users will not be taxed.

This is conducive to the development of BTC and digital currency in Germany and even the eu!

[magneto]

Germany won’t impose bitcoin clients for utilizing the Cryptocurrency as a method for installment, the Ministry of Finance has said.


Read More : https://www.currencytimes.co.in/germany-wont-tax-bitcoin/

Better version: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

It's not every tax that is being disregarded. BTC is still taxed with certain scenarios.

The countries that are actually taxing bitcoin with an added GST/VAT are stupid. Bitcoin is not a good. It is a currency. It literally in its whitepaper states that it is an p2p electronic cash system. It's not some collectible that's being traded around. You're not delivering a service either. You're literally exchanging assets... It's like precious metals.

Australia has waived the GST last year on BTC as well.

Overall, this is great news for bitcoin but obviously the CGT will still apply if you cash out your bitcoins, depending on the tax thresholds in your countries of course. Also always check with your local tax official before you actually take any advice from articles online.