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Author Topic: In Germany, bitcoin was recognized as legal tender  (Read 1360 times)
Denker
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March 02, 2018, 01:37:22 PM
 #21

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.  

To be honest the german government doesn't like Bitcoin!
Together with Macron, Merkel would like to put some pretty harsh regulation on it.
But they can not as the other G20 nations show them the middle finger.
Therefore Germany and France don't want to get left behind in terms of Blockchain adoption. And Bitcoin is and will be the biggest and probably most influential and disruptive Blockchain!
We all here know this.
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March 02, 2018, 01:37:58 PM
 #22

It is a big news for the crypto currency users because a developed country like germany recognized crypto currency as legal tender then more countries may follow the same.And it encourages more investors and traders to accept crypto as a form of payment because there is no tax if we buy good with crypto currencies.

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March 02, 2018, 01:38:14 PM
 #23

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.

No our dumb chancellor still things the internet is something new and innovative!  Cheesy
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March 02, 2018, 01:39:48 PM
 #24

This is a big news for the crypto world. Another countries accepted bitcoin again. I wish this will help the increase of bitcoin and reach its new ATH. Some countries must make Germany as a model and accept bitcoin too. I wish some do the same too in order to increase adoption of bitcoin.

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March 02, 2018, 01:42:28 PM
 #25

It is really fantastic to hear so, hoping to hear such news from all the countries!

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March 02, 2018, 01:44:37 PM
 #26


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.


Well, then I think that this is a monumentous occasion that all cryptocurrency users can be proud of and not just the bitcoin community. FOr so long we have waited and tried to i stigate that bitcojn can and should be i tegrated into our financial sectors and this is one certain way that wr can do it. By recognizing this, Germany has not just given power to the cryptocurrency community but also a shout and a declaration that bitcoin can be welcoming and that bitcoin can be recognized and so too shal the world take notice



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March 02, 2018, 01:47:27 PM
 #27

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.
That is true. This might lead to a sharp increase in the price of bitcoins. This might be a good start as bitcoins became a legal tender in Germany, others country might follow as well. Some of the goods/services over the world have started accepting bitcoins as a method of payment and I think now their number will increase.

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March 02, 2018, 01:50:04 PM
 #28

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.
We may be sure that others will follow, but normally the speed of each next country is going to be different. The talk is not only about the will, but financing and many others. I guess my country (Serbia) is going to be somewhere in the end of the list  Cheesy

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March 02, 2018, 01:50:45 PM
 #29

That's really a great initiative step taken by germany and since it is a member of european union,we could soon expect other EU countries too to follow the same and this would definitely help bitcoin to get accepted as main stream of payment.

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March 02, 2018, 01:52:54 PM
 #30

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!
Isn't Liechtenstein located in Germany? I have always thought it was maybe in Austria but somewhere in Europe just from the name of this small city.
But they are the first bank that I was mentioning to start accepting cryptocurrency and thus must view it as legal tender to do that, no?
https://captainaltcoin.com/first-liechtenstein-bank-directly-sell-cryptocurrencies/
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March 02, 2018, 02:00:23 PM
 #31

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!
Isn't Liechtenstein located in Germany? I have always thought it was maybe in Austria but somewhere in Europe just from the name of this small city.
But they are the first bank that I was mentioning to start accepting cryptocurrency and thus must view it as legal tender to do that, no?
https://captainaltcoin.com/first-liechtenstein-bank-directly-sell-cryptocurrencies/

Liechtenstein is located in Liechtenstein as its a sovereign nation  Wink  Its on the border of Switzerland and Austria.
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March 02, 2018, 02:01:26 PM
 #32

I don't understand how any country can rule that Bitcoin is legal tender. Legal tender is a means of payment that has to be accepted in settlement of a debt. In view of the fact that only a minority of the population are able to receive Bitcoin, I don't see how any government can enforce a ruling that it must be accepted.

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March 02, 2018, 02:05:28 PM
 #33

I am happy to hear this news , one more country added for making btc a legal tender.I would like to see many more countries coming forward and move in the same direction as Germany has moved.I am hoping that in the future we will see many more countries would be on that list and make us all happy making the btc give a boost and even its price as well.Happy times ahead.

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March 02, 2018, 02:08:40 PM
 #34

Recently some countries have accepted bitcoin, a few weeks ago I heard in Japan accepted bitcoin in the purchase transaction of Japan's largest consumer sales company, now I heard the German accepted bitcoin . This will probably make the crypto market more prosperous. But I think the later the crypto market will be more difficult. Because many participants will experience negative behavior in the market.
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March 02, 2018, 02:14:49 PM
 #35

Great news for them at last they can operate freely in their transactions ,i wish this could also be done in my country
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March 02, 2018, 02:30:16 PM
 #36

this is good news for all bitcoin holders, now more and more countries are recognizing bitcoin. this will make bitcoin prices continue to skyrocket, so let's invest more in bitcoin.

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March 02, 2018, 02:35:14 PM
 #37

It looks like Germany wants to attract cryptocurrency investors and services. It is a good idea but I'm afraid they might ban cryptocurrencies anyway in the future. I wouldn't move to Germany only because of that, just look what is happening in their country. However, it is good that some countries are positive about Bitcoin. If a was a head of my country, I would invest in this industry. It's still a good time to earn a lot.

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March 02, 2018, 03:51:13 PM
 #38

Liechtenstein is located in Liechtenstein as its a sovereign nation  Wink  Its on the border of Switzerland and Austria.
But they do speak German so I would consider them to be german which is an offshoot of Germany. Grin
Sure they are on the borders but they take on rules from which country when it comes to their own laws?
Here is a better take on the article I searched for with a bit more explanation on what they are trying to do with their focus on cryptocurrency as a whole instead of a just a microcosm.
https://www.zerohedge.com/news/2018-03-01/liechtenstein-bank-offers-direct-cryptocurrency-investment-and-cold-storage-wallet

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March 02, 2018, 03:58:52 PM
 #39


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 huge a very huge development for all bitcoins enthusiasts, Germany is a huge country with a great potential for scope for bitcoins to grow and develop into something big for the years to come. I hope other countries follow soon. Thanks for this article I had missed it.

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March 03, 2018, 07:06:17 AM
 #40

absolutely agree with all of you, this is a huge step for Bitcoin and cryptomir in general, if the rest of the world follows the example of Germany, it will be great and bitcoin will grow in price and people will not have to come up with questionable schemes for its purchase or sale.

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