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Author Topic: Germany Approves Cryptocurrency As Legal Means Of Payment  (Read 220 times)
Coffee135
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March 16, 2018, 12:45:58 PM
 #41

On Monday, Germany's finance ministry brought Bitcoin one step closer to legitimacy by declaring it a "unit of account," thus allowing it to be used as legal currency for tax and trading purposes. Supporter and parliament member Frank Schaeffler says that classifying the virtual currency under the country's banking rules represents "a first step" towards denationalizing the production of money, and hopes that the government doesn't interfere with its success: "A free country should...not intervene in citizens' private choice of money." Wink
As Bitcoin continues to grow in popularity, it's been attracting increased attention from government and financial institutions. Germany's ruling opens the way for officials to collect tax on commercial profits made through Bitcoin transactions, which FOREX.com research director Katherine Brooks says is "a good example of German forward-thinking...[Bitcoin] could become an alternative to the euro if the single currency ever ceased to exist." BTCBTCBTC
If the Director of the Forex really makes such statements then he is a stupid idiot. Germans really far-sighted and clever nation. They will never take such a stupid step to make cryptocurrency state. Even if the Euro dies. They can always easily return to the Deutsche mark. Probably Katherine Brooks wants to destroy the German economy.

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March 16, 2018, 02:45:36 PM
 #42

"If the Director of the Forex really makes such statements then he is a stupid idiot. Germans really far-sighted and clever nation. They will never take such a stupid step to make cryptocurrency state. Even if the Euro dies. They can always easily return to the Deutsche mark. Probably Katherine Brooks wants to destroy the German economy"

On the one hand you're right, and on the other hand there would be no other way to avoid Blockchain platforms in business and commercial world. Government has opposite function from business. It should just let new economic to develop hand in hand with new technologies.
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April 14, 2018, 02:09:23 AM
 #43

This is a very good decision, first of all, by the European Court of Human Rights. Germany simply had to comply with the decision of this court, that is, to bring its national legislation in accordance with the specific decision of this court. Also, all 41 states that signed the European Convention on the Protection of Human Rights and Fundamental Freedoms of 1950 must do this. I am glad to hear this, since my country signed this Convention in 1997, and therefore it is subject to compulsory execution of the decisions of the European Court. In addition, the legislative body of my country (Ukraine) has already introduced a bill on the exemption of any transactions with crypto currency from paying taxes.

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April 15, 2018, 11:47:02 AM
 #44

This is good news for the crypto currency community. This can be regarded as the position of the German authorities in relation to the crypto currency market. The recognition of BTC as a means of payment in Germany, as well as the exemption of a number of transactions from taxes, is a positive signal for the whole market.
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April 15, 2018, 01:49:26 PM
 #45

This will be the biggest innovation for Germany. We know how important the cryptocurrency is. We see how bitcoin works for now, but in the future, it can be the biggest innovation. We need to promote bitcoin, to make bitcoin value grows high. It would be legalized if all of the people can promote it. We know what bitcoin will be in the future, and what will be the best advantage of bitcoin.

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April 15, 2018, 03:03:42 PM
 #46

It's surely will improve bitcoin influence over the world especially when German is honorable state
Although it's the effect is not significant as much as halal legalization but if German already legalize bitcoin, I'm sure more country will follow their track !

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April 15, 2018, 04:12:36 PM
 #47

I don't believe this is going to happen. It seems to me that all governments will go the other way. They will simplify the procedure for enrollment of Fiat from the exchange of cryptocurrencies. This will make it possible to control the income of citizens but will not allow the use of cryptocurrencies as a currency. This will not jeopardize the economy.

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April 16, 2018, 12:26:46 PM
 #48

I don't believe this is going to happen. It seems to me that all governments will go the other way. They will simplify the procedure for enrollment of Fiat from the exchange of cryptocurrencies. This will make it possible to control the income of citizens but will not allow the use of cryptocurrencies as a currency. This will not jeopardize the economy.
What Germany did about crypto currency that being considered as regular currency is a brilliant move by the German government aside  from taxes that it's generate because of some business  transaction bitcoin is more  powerful than US dollars in term of its value it would create inflation and boost the economy.
 

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April 16, 2018, 12:51:17 PM
 #49

Germany is a country that invests in crypto moneys, I am not surprised that crypto moneys have become legal in Germany. I am very hopeful of crypto moneys from Western european countries, eastern and southern european countries should follow this innovation as soon as possible.



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April 16, 2018, 03:00:01 PM
 #50

Germany is a very strong country economically or we can say that it is the leader. They stepped out with this great news which is going to be a big push to crypto. Maybe we will not see that right away, but it is a big step forward definitely.

A lot of implications can be seen to this move. As you mentioned, Germany, one of the leading economic leaders in the world, may contribute to its price in the market due to its legalization and utilization in the country. Since an economic leader has approved of bitcoin being used into its transactions and payment, it may influence other countries as well to follow this move, thus increasing the price of bitcoin significantly.
In adherence to this implementation, this is a huge step forward to the cryptocurrency world as the government of Germany views 'bitcoin' as a LEGAL means of payment. It cohered and harmonized with their laws and this implies that countries may soon be influenced by this move.


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April 16, 2018, 11:18:29 PM
 #51

This should settle the EU contemplation about adoption of bitcoin because Germany is one of the powerful leader of the eu community.  It means in a short while, we are going to be getting some more positive news from the European countries.

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April 17, 2018, 01:19:21 AM
 #52

I don't believe this is going to happen. It seems to me that all governments will go the other way. They will simplify the procedure for enrollment of Fiat from the exchange of cryptocurrencies. This will make it possible to control the income of citizens but will not allow the use of cryptocurrencies as a currency. This will not jeopardize the economy.

Yes, it may be too early to "denationalizing the production of money". Even when it's positive news for crypto and bitcoin users within the country, it may not be possible to adopt this at a nationwide level. Germany may be trying to advance however they may be jumping a bit too far. Fiat is still the most convenient to use as of the moment and unless technology immediately advances and develops to help facilitate the use of crypto as a currency, then it may not be realized yet for the moment even if their government wants to.

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