In Germany, bitcoin was recognized as legal tender

[Dmitry.Vastov]

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 very very good news and now I am even more happy that more and more countries are now wants to be the part of bitcoin and they have also understood well that there is no harm in legalisation of bitcoin it will always help countries development and GDP and that why more and more countries are legalising bitcoin in their nation. Bitcoin is very sustainable crypto currency and it will persists for coming many decades and I think other countries should need to understand this fact and bitcoin should be legalised world wide.

[Jayskie15]

Some people in Europe moved to Germany to avoid paying taxes for their bitcoins when cashing out. Crypto-currencies are considered legal tender and will not be taxed.This is a great news indeed.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.

[supergorg27]

Wow, its great news for all of us, its just only means that bitcoin is really acknowledge by the government of Germany, we're hoping that some other countries followed to them.

[Syunusa]

This is good news for people of Germany and also to crypto world. I wish other countries too can emulate Germany by accept and make it legal means of payment.

[nikay12]

Maybe when other countries heard about this news, they will study also about bitcoin on how it would be useful to them also.

[addeqt]

That is great! Considering bitcoin as a legal tender means a lot to those who hold bitcoin in that country. But the question is, do private and public company will support that? At first, I think that would be hard for others especially in transportation or fast food. But to other services that could be helpful. But another question bother in my mind is; Do bitcoin holders ready to use their bitcoin to buy anything they want, since the bitcoin price is low at the moment. Even tough, I hope other nations follow the lead of Germany.

[Alex789]

this is very exciting news, nice also all are very happy who else will be the country that catch up with bitcon but over time europe countries will use bitcoin to faithfully exchange

[Fourgh]

Good thing for Germany. Hoping other countries will recognize Bitcoin as a legitimate tender...

[ubay]

This is exciting news, when a country legalizes bitcoin it will add attraction to the bitcoin itself.

For the record, can you attach the news link? It would be helpful if you attach it.

[pencuri hati]

in Germany has already begun to do so, hopefully in my country as in Germany that can be accessed by the government, and become a legitimate payment in every transaction.

[orenjebum]

The virtual currency exchange rate, bitcoin keeps fluctuating every day. This has led to a number of countries issuing policies or prohibitions for the public to reduce this virtual money circulation.

One of them Germany, through the central bank, Germany revealed to ban cryptocurrency including bitcoin, because the type of currency it needs international rules. This is because the national or regional rules made by each country are not strong enough to be implemented.

[jovs]

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.

That is a strong indication that bitcoin and other alternative coin has an absolute place in the real market world. It proves that taxation and regulation can be impose to balance the entry of bitcoin in the usual financial transaction of a certain country depending on their current market system. If it can be done in some part of the world, then, it may be done on other refusing countries. It Is just a matter of legitimate proposals and justifiable offers and conditions.

[tensports]

it is good news for cryptocurrency i hope other countries will be also follow 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. 

[tumokatok]

German state already has advanced technology and has smart people so accept bitcoin and legalize bitcoin and I think this is one good news that can make bitcoin prices go up and expensive

[Wahyud11]

The German Ministry of Finance issued a document in which the crypto currency was indirectly recognized as a means of payment. Under the European Court's decision, the German regulator proposes to consider bitcoins and other digital currencies as equivalent conventional payments.

[orayorayan2]

it is true that is good news. Germany is a very influential country to the economy in Europe if the number of adoption of bitcoin in germany must be bitcoin will gain a lot of popularity in other european countries.such as ukris and dutch even some mosques in english receive zakat payment in the form of bitcoin

[maneka]

Bitcoin has been recognized as a legal currency and taxable in Germany. This is the first country to recognize the use of virtual currency, news channel RT (Russia) reported on 18.8.
Germany the nation's first Bitcoin virtual currency
Germany became the first country to recognize virtual currency Bitcoin - Photo: Reuters
Berlin admits the virtual currency is a "currency" and a "consumer", according to Die Welt (Germany).
This classification means that commercial profits from Bitcoin-related activities may be taxed, but the use of such funds for personal purposes will still be tax exempt, Die Welt for
Bitcoin has become a popular remittance worldwide since it was first announced in 2009, as more and more people are dissatisfied with the banking system.
However, Bitcoin's rise has raised concerns about the viability of conventional currency as Bitcoin is not supported by any central government or central bank.

[Virtual miner]

Was reading the same article on some blog and came across this post on the forum as well!! Good to hear this. Such kind of positive news is an economic booster for the entire crypto currency market and intends to bring a revolutionary change in the market prices, especially when the market is going through such a slump. And Germany's green signal to bitcoin would mean that the other countries in the continent would also look forward towards this thing and might take an action in this regard very soon in the future. However, more and more countries have now started to accept bitcoin, so it is definitely a good news for the crypto community.

[popovdi]

This is really a good news and I hope other countries also follow this. Sooner or later everyone will realize the benefits of crypto.

[altcoinhunter01]

Many countries are going to made regulations regarding crypto currencies because these are going popular and every investor wants to enter this market if it regulated by their country's law. Hopefully,we will see many countries approve or regulate these cryptocurrencies before this year end.