In Germany, bitcoin was recognized as legal tender

[Valer4ik]

51
The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.

The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.

The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:

"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».

Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".

Commissions to miners should also not be taxed, since they are paid on a voluntary basis.

We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.

Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.

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[Svafnir74]

Yes, today I heard this news and was very happy. Bitcoin continues his victorious procession around the world. I hope that the example of Germany will be followed by other European countries, which will contribute to the even greater popularity of bitcoin.

[onnz423]

This is excellent news, and will probably lead to a spike in the value of bitcoin. You cannot ban legal tender, as it is now a recognized form of money.

If we can get a few more headlines like this, Bitcoin will take off again, and potentially become accepted elsewhere when other countries follow suit.

[BunnyToken]

its really great news for crypto industry

[ObscurePen]

Wow? They passed a legal tender to legitimise Bitcoin as a form of payment. This is good. Especially because Germany is one of the founding members of the Europan union. Germany's action may cause other countries to follow in their steps and would eventually cause an increase in Bitcoin price. This news itself should raise the price of Bitcoin.

[Memenya]

This is excellent news, and will probably lead to a spike in the value of bitcoin. You cannot ban legal tender, as it is now a recognized form of money.

If we can get a few more headlines like this, Bitcoin will take off again, and potentially become accepted elsewhere when other countries follow suit.

Another headline is i heard philippines start accepting bitcoin so those are very good news for cryptocurrency.
I hope another country can start following these two country so we are ready to spike bitcoin up again.

[Byzantium101]

Yes, but it is kind of old news. Some people in Europe moved to Germany to avoid paying taxes for their bitcoins when cashing out.

[JerryJam]

This is another step forward for strengthening the economy and developing Germany's financial infrastructure. Crypto-currencies are considered legal tender and will not be taxed.Cryptocurrency exchange operators will be exempt from paying taxes if they act as an intermediary on their behalf. Commissions are paid voluntarily in manners so they should not be taxed either.

[Kemarit]

Something doesn't add up. There are reports that Germany and France is calling for a global cryptocurrency regulations and they are pitching it on the next G20 summit. Anyways, if the article is really true then it will be a welcoming news to the cryptosphere. I really though that they are going to be one of the country that will be anti-crypto, but the news says otherwise. It looks like they have made a sudden U-turn, but I will still wait for the next days or so before it will sink in on me.

[Betwrong]

This is a great news indeed. If that's true that they will not be taxing miners and exchangers it is a big progress for Bticoin acceptance overall. I'm wondering if this was the reason for Bitcoin today's rising 2% while most of other established cryptos went down at the same time.

Also, if I understand this correctly, now all EU member states should follow the example of Germany, right? For me it looks too good to be true, but I hope it is.

[Red-Apple]

i think a lot more countries are going to follow the footsteps of Japanese in this. it will be a lot better for bitcoin and for the government to apply the taxation laws.
the adoption of bitcoin will soon grow big in any country that adopts bitcoin as a currency and will improve the economy and the merchants revenue too. with 0 taxes which some countries also apply the incentive will be even more to adopt bitcoin and the same incentive will be for people spending bitcoin so the revenue of merchants will increase.

[Jessica2009]

         Germany has given Bitcoin legalization that means Bitcoin can be used for tax and trading purposes the German finance minister has said that Bitcoin is a financial instrument under Banking system.Germany has gone ahead and has given legal status for Bitcoin .For Bitcoin transaction they do not levy any tax in Germany they consider Bitcoin has private currency. Bitcoin is a virtual currency that is used to exchange online credits for purchasing goods and services.

[TravelMug]

Just wow. Looks like this is a very welcoming news indeed for the whole crypto world. It looks like they are not embracing Bitcoin and we all know that Germany is very strict and if they are going to recognized it as legal tender, this will surely boost the price of bitcoin. I think Germany is the first EU nation to legalized and I'm sure that it will set precedence. Earlier it was Spain that declare that they want to be a safe haven for ICOs. So it looks like that March is the breakthrough month that we all have been waiting for.

[tokexchain]

51
The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.

The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.

The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:

"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».

Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".

Commissions to miners should also not be taxed, since they are paid on a voluntary basis.

We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.

Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.

FIDO bank openly accept BTC and crypto related payments, they are forging a good path ahead and others will follow.

[penig]

Something doesn't add up. There are reports that Germany and France is calling for a global cryptocurrency regulations and they are pitching it on the next G20 summit. Anyways, if the article is really true then it will be a welcoming news to the cryptosphere. I really though that they are going to be one of the country that will be anti-crypto, but the news says otherwise. It looks like they have made a sudden U-turn, but I will still wait for the next days or so before it will sink in on me.

What doesnt add up?  First step to regulation is recognition.  You would now be expected to report all transactions in Bitcoin or Dogecoin as if it were Euro or $.  Same rules, same taxes etc apply.  Bank of England governor today called for crypto-assets to be regulated, and you cant do that if you aren't acknowledging they have a legal standing (or you can outlaw them, clearly off the table in europe, US, Japan, Korea).

Regulation is coming, embrace this as the cost of acceptance.

[Tharel]

Hopefully, this good news will be accepted and followed  by other countries not only Europe but all over the world. In line with this news, it is possible that bitcoin transaction will be regulated and taxed by the government which is a NO to the users.

[Periodik]

This is great news. Europe is one continent that no other continent can equal in terms of advances, may they be in terms of technology, social progress, innovation, and so forth. Bitcoin has thrived not just in Germany but also in the United Kingdom, Netherlands, Russia, Italy, and so many others. The rest of the regions of the world should try to emulate this step of the German government. This is a step forward not just of Bitcoin itself but also of the German nation. There will be more of this kind of news to come for sure.  

[motoprose]

Something doesn't add up. There are reports that Germany and France is calling for a global cryptocurrency regulations and they are pitching it on the next G20 summit. Anyways, if the article is really true then it will be a welcoming news to the cryptosphere. I really though that they are going to be one of the country that will be anti-crypto, but the news says otherwise. It looks like they have made a sudden U-turn, but I will still wait for the next days or so before it will sink in on me.

What doesnt add up?  First step to regulation is recognition.  You would now be expected to report all transactions in Bitcoin or Dogecoin as if it were Euro or $.  Same rules, same taxes etc apply.  Bank of England governor today called for crypto-assets to be regulated, and you cant do that if you aren't acknowledging they have a legal standing (or you can outlaw them, clearly off the table in europe, US, Japan, Korea).

Regulation is coming, embrace this as the cost of acceptance.

I have heard many different countries are starting to accept bitcoin in their banks in Europe.
Germany setting this rule for regulation will bring waves into the financial markets in that country.
With them being one of the richest countries in Europe will reseinate into other markets including England.

[Denker]

51
The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.

The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.

The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:

"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».

Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".

Commissions to miners should also not be taxed, since they are paid on a voluntary basis.

We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.

Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.

This is not new to be honest.
I'm german and this law, rule exists since late 2013. Due to defining Bitcoin and crypto in general as private money, there is no taxation when you buy goods and services with it.
However in terms of speculating on the markets, you have to pay capital gains tax if you hold your position shorter than 12 months.
Anything holding above 12 months is tax free.
So buy and hold pays off pretty huge in a long term Bitcoin bull run!

[andreevaviktoriy77]

Germany has always followed new technologies as soon as they appeared. I'm not surprised that they did not wait long and came to this decision.