Topic: Germany Approves Cryptocurrency As Legal Means Of Payment (Read 593 times)

indeed, although there are still some shortcomings about the German crypto allow crypto as a means of taransaksi because of the many residents there who use crypto why Germany still not recognize as a currency because they believe that crypto is called a non-currency asset because it is not real.

And I see in this news such sense-Germany needed an inflow of capital. If they legalize the crypt, then not only money, but also people - the minds of today-will be drawn to them. The technology is popular in the scientific world, bitcoin is used by large investors. So Germany in this regard is on the path of the leader.

If bitkoyn recognized Germany's currency and legal tender, then other EU countries also have to do it. In practice, this means that the civilized world in the near future is moving to a crypto-currency financial system. The rest is a matter of technique.

I doubt that commercial banks will also be involve with cryptpcurrencies. Cryptos in its nature is a volatile asset which make it unattractive for banks to invest there money with. That is why you can only see known Fiat currencies as well as Gold being traded with banks as they known for their stable movement in the market. They are not willing to take a risk on cryptocurrencies as it will give then inaccurate reports if their expected income.

Strictly speaking, Germany only recognizes that cryptocurrencies can be used as a means of payment, but they do not admit that cryptocurrencies are a type of “money.” Banks will not use cash to exchange your cryptocurrencies. Contrast to gold is also a Payment means, but many banks can use cash to buy your gold.

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Their are some things to think my friends, there some payment in this word that doesn't need to be legal when receiving a payment or giving a payment as of Bitcoin when you give it as payment and the other party accepted it that is the thing matter most, since payment thing has many ways, you can pay fruits over a basket of bread, some uses their body (special service) to pay some things they broke or damage, some pays a broken glass with a good pair of silverwares, as long as the two party agreed with the payment then I don't think they need for legal terms for it, I think agreement is the best, legalizing  also crypto as payment is forcing everyone to get engage.

in Germany Bitbond works by letting clients hold their loans in Bitcoin or other cryptocurrency for a very short time before they are redeemed to the original fiat currency of the recipient country. This method maintains a relatively fixed exchange rate and prevents the well-known volatility of market cryptocurrency from undermining the process.

This is very good news for virtually all of Europe. Since Germany is one of the leading countries in Europe, the recognition of its crypto currency as a means of payment will have a positive impact on all countries of the European Union.

If the reference to the decision of the European Court refers to the European Court of Human Rights, in accordance with the respective Convention signed by these countries, all European countries will have to bring their own legislation in accordance with the decision of this court.

Yeah country that is known for  tourists destination I have  no doubt it  follow what Germany and other major cities in the world who  uses bitcoin as a legal tender, because there are lot of advantages in using crypto currency, because of past and economical way of transfer which advantageous for tourism business.

not only Germany but Dubai America and other major countries approved crypto entry into their country into a legitimate payment instrument, allegedly Germany is among the largest people using bitcoin so the government there allows bitcoin as a means of payment.

Every country do have its own views towards bitcoin if they would decide to accept it or not then this would be entire depending on what they do saw on it either would be a threat or a beneficial thing for them.This is why we do see different decisions over those countries.The good thing on here is that we do still able to see countries which do accept it inspite of the negative aspects of bitcoin they do know how to handle such thing and they do focus into its actual benefits rather than on the other side.

German people are like Japanese. Both of them are hard workers. Legalizing cryptocurrency will make their economy rise because they are going to get paid in bitcoin, thus will get huge profits when the price increases. Added to that, unlike China and India, Germans are smart and they know what to do. I do not see any flaw in the approval of bitcoin. And I hope they continue with that decision.

But there will be always someone on the opposing side. EU is still 50/50 as far as crypto or bitcoin adoption is concern. There's a lot of government and central banks that's against crypto in general. But I like what I'm seeing here. Yes, Germany is one of the most developed economy so its going to be a big boost specially if they are going to give tax exempts and other incentives so that more will be encourage to join the cryptoverse. Let's see how it goes after the G20 meeting as it's one of the hottest topic they discussed. They say that they are going to study crypto and the decision could be announce in July. We all know that a lot of EU nations are part of this group, so the decision could really bring weight to the ecosystem. Specially if country like Germany leading the way in EU.

Certain parts of Europe is going crypto friendly and I'm very amazed by that. I hope that this will also get implemented as soon as possible in my country so we can use the power of blockchain to boost our economic status.

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.

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.

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.

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.

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.
 

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.

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 !

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.

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.

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.

"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.

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.

Well, good news. And probably we'll see soon that many other countries all over the world will follow the great example of Germany.

Anyway it's a huge credit of trust to cryptocurrency from Germany to let people give it a try  of course it's not going to be set up in a few days, but we are talking about our future economy system. I don't want to see my kids being afraid of technology: we should control and develop it according our needs - not opposite

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."
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

This is great news for bitcoin and for Germany. I believe that to prohibit bitcoin - there is no sense.

Germany disclosed to ban cryptocurrency including bitcoin, because the type of currency it requires rules of international scale. This is because the national or regional rules made by each country are not strong enough to be implemented.

Oh goodnews for us i wish i would live in germany and buy many more cryptocurrency i hope in my country would to that.

This is a good news for the cryptocurrency users in Germany however this can be an indication of a country trying to regulate the cryptocurrency. But for me this is better than having it banned. Some countries are still not decided on hiw to deal with crypto but at least Germany already made a decision with it. That I think is in favor for German crypto users.

Yes, such a good news and bold move for Germany. A country with a wide technological scope should be a great model of how promising technology like blockchain should be utilized and not scrutinized. This decision will have a positive economic and technological impact in the country. My friend in Germany was also happy with the decision their government has done.

Germany proves itself as the bitcoin capital of Europe by allowing bitcoin as legal currency for trading and tax purposes and it said to be a one step closer by declaring it a unit of account. Many people also hopes that the German government will not interfere  with it success referring to a possible taxation and regulation. But some reports says that Germany's ruling opens the way for officials to collect tax on commercial profits made through bitcoin transactions.

I see the German interest in crypto money, but Germany is a country that wants to stay in background. For this reason they hesitates to say concrete things. Germany's strict management and discipline will manage the crypto money.

I am pretty happy that Germany has finally approved it as a means of payment and has even exempt it from tax in regular course of trade. But what I am astonished with is that still it hasn't given such a great impact on the price of btc. This kind of news is really capable of giving a good bull run but still people are in a FUD. With time as more and more countries will bring such regulations I hope btc will rise.

Wow!! That's a good news! Germany is the 4th largest economy of the world and one of the top countries to have the highest per capita income. So when such encouraging news comes from such a country, it's a good news for the entire crypto economy. I am sure we will see an influx of new investors in the crypto market soon which will provide a strong support to the bitcoin price which is needed. I really hope other countries in EU will soon adopt the way Germany adopted the crypto currency for a better future. 

Since this news come from Germany, it is not really that surprising. After all , it is a well developed country that adapt fast to new technologies .In fact, they are used to be at the top because they precede other nations in such revolutionary decisions. I hope other countries will follow them soon.

As more countries will follow Germany as more value will have crypto world, hope to hear more positive news, I already hate this red color in my portfolio

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.

That's goodnews for the crypto community Germany has a big contribute when it comes in crypto i wishi i live there.

Why do you think that Germany will not take taxes from bitcoin users? It won't be. In Germany very meticulously to pay taxes. There, withholding taxes is a very big crime. No benefits for users of the cryptocurrency will not happen. The Germans do not want to stimulate the development of the popularity of cryptocurrency. They want to have tax on what they can't stop.

I think Germany has become a more advanced country and has been managed to adapting well to a new things that was proven to ease the burden on many people in the financial and other benefits.
I didn't run out to think.. will the most countries to responds more positively and support the existence of crypto (bitcoin) that can helping many people. Also of course crypto could be an alternative currency that makes it easy to transact but without forgetting the regular currency.

If it would be tax exempt then more people would be encourage to use it. I hope that this decision would have a positive effect so that other countries would make their decision as a model and then follow suit which would be a positive thing if cryptocurrency transactions would not be tax. I think there is a limitation to the amount though because if the amount is pretty significant then the tax from that is significant as well and it will be beneficial to the government if they will have a share of it.

However, if more people are encourage to use cryptocurrency, the banks will be threatened and they will start a move again to discourage people. They wouldn't want their competition to get ahead of them.

It helps a lot in determining the consequences of every action this country have done, then others will learn from them. If this work and the citizens in that country find it as an advantage and comforting they’re transactions with less hassle then the possibility is high. But what will the bankers do and their partner or paid media in this scenario, any controversies will occur to make it unworthy and unsuccessful. Be ready with that.

Talking about ATH with their current situation will not help to rise Bitcoin. This news is just referring that one of the major countries could manage to settle things between crypto currency and fiat currency. And yet will be a big help in the future references.

Having doubts always when it comes to this situation which its quiet odd for accepting and considering it with its full extent or freedom on how it should work.If they wont impose any taxes since they do mention about exemption then it would really be a relief but I don't have trust into any government when it comes on making laws or decision.It can be reverted anytime in an instant.

this a welcome development,
i just wish other countries will embrace crypto too..

Good news , this is a good step for Germany. In fact, this intelligent decision will be of great benefit to the development of their economy. and thus, there will be a facility in transactions, and it will become easier than before. and hope that the other countries will recognize bitcoin as a legal currency and as a means of payment.
Furthermore, I think that the era of bitcoin attracted the attention of many countries through their multiple advantages (like, the high value of price and market cap and the low fees...).

This is a great news that this will be an addition to previous developments that are happening around the globe in which in favor of Bitcoin so that the former ATH last year will reach again. Germany is a great country that can attract more nations in the world specially the whole Europe to do the same to adopt, to support and to promote Bitcoin as they believed that it will benefits not only the government but all of the German people as well.

This is very nice. I'm glad to hear such a good news. And that's Germany we're talking about.
More of this will come now for sure. Happier future for crypto.

That's awesome. Germany is paving the way for more governments to adapt the new currency.
I think cryptocurrecny is the future of money. 

This is a very welcome development as Germany is becoming a cryptocurrency powerhouse in Europe and since Germany is the leader in this side of the world we can expect neighboring countries big and small to also adopt their own stand on cryptocurrency in favor of allowing it to grow and flourish though am sure still in a strict framework. Definitely, this can become a big signal and encouragement for the whole Europe to be open to cryptocurrency. Hopefully, other big Western countries like the USA will follow the same kind of recognition. I am expecting that this year more and more countries will be part of the cryptocurrency market.

Great news Germany can accept cryptocurrency to their country, I believe some country will see cryptocurrency grow in Germany.
Implement tax is can give more profit for that country. Bitcoin supply and demand in Germany is high.

It doesn't mean that you don't have to pay taxes  . All this is about VAT not about income taxes.

For me it's good news because German will become the great bitcoin influencer so it will increase bitcoin value globally.
Implement tax for bitcoin transaction also bring positive effect not just bitcoin demand increase but also German get their income through tax !

The European Court of Human Rights is really in Strasbourg. He considers any issues of violation of human rights, which are specified in the Convention for the Protection of Human Rights and Fundamental Human Rights of the 1950s. Therefore, if a specific citizen of a country that signed the 1950 Convention on the Protection of Human Rights and Fundamental Freedoms considers a violation of his rights by the state that he is deprived of lawful use of a crypto currency in his country, he can apply to the national court and pass all courts in their country, within six months, apply with a relevant application to the European Court of Human Rights against their state. The European Court may have considered this violation as discrimination (Article 14 of the Convention), but it is mandatory as a violation of the right to a fair trial by the courts of that country (Article 6 of the Convention).

A concrete decision of the European Court of Human Rights is mandatory for all countries that have acceded to the above Convention. Germany acceded to this Convention on 05.12.1952, therefore it is obliged to comply with the decision of the European Court.

If this thing happen according to the plan I think cryptomarket will go higher this year. Germany is a good place for cryptocurrency and a great country in EU, I hope that the other member of EU will follow the steps of Germany towards the acceptance of a digital currency. I heard also the news about Russia, I think more country will accept this kind of innovation soon.

Does this apply to every single thing you buy? Bitcoin in Germany is tax exempt if you hold for over a year anyway, but buying a house with Bitcoin is certainly an awful lot of tax dodged compared to other countries.

The US has been proposing exemptions up to $600 expenditures but this is a whole extra league. Wish I was a German.

German federal authorities issued its decision not to impose a tax on purchases using Bitcoin and other cryptocurrencies on February 27, citing the European Court's decision in 2015, which sets a precedent for all EU members.

You probably don't know the law. Court of human rights is based in Strasbourg and has no relationship to the cryptocurrency. I agree that any decision aimed at simplifying the rules of cryptocurrency use is a relief for us. But this will be followed by an attempt to regulate this market. This could be a problem.

The German Finance Ministry will exempt taxes from bitcoin and other cryptocurrency transactions that are used as a means of payment.
I am very happy to hear this. In some ways it is inevitable.

Germany is one of the leaders in Europe and world when it comes to economics. This new is very encouraging and we could see others follow these steps.
I'm very happy to hear this. In some way it is inevitable.

I can add that the concrete decision of the European Court of Human Rights is a source of law and is binding for all states that signed the Convention for the Protection of Human Rights and Fundamental Freedoms of 1950. This is 41 states in Europe and in general in the world. These states will be obliged to amend their laws to ensure that their laws comply with a specific decision of the European Court of Human Rights. Thus, this judgment is crucial for the crypto currency, since these countries will be obliged not only to recognize the crypto currency as a legitimate means of payment, but also to free from taxation operations on converting crypto currency to fiat and vice versa.

Hi Community not sure if you have heard about the following so thought I would share:

Germany Approves Cryptocurrency As Legal Means Of Payment

The German Ministry Of Finance would exempt tax payment from bitcoin and other cryptocurrency transactions used as a means of payment.

On Tuesday Feb 27th, the German Federal Authority issued a statement announcing its decision to consider purchases with bitcoin and other cryptocurrencies as tax exempt, citing the 2015 judgement of the European Court, which set a precedent for all members of the European Union.

With the newly introduced tax laws, Germany will regard cryptocurrency as equivalent to legal tender when used as a means of payment. The German Tax statement reads:

"Virtual Currencies (Cryptocurrencies, e.g. Bitcoin) become the equivalent to legal means of payment, insofar as these so-called virtual currencies of those involved in the transaction as an alternative contractual and immediate means of payment have been accepted"

According to EU's directives, a conversion from crypto to fiat or vice versa is classified as "other taxable services". This means that a tax exemption benefit shall be implemented for transactions that involve exchanging cryptocurrencies to fiat currency and vice versa.

Under this provision, cryptocurrency exchanges operating in the country can also benefit from tax exemptions acting as intermediaries for exchange transactions. The court's ruling also states that the minor's fees will not be taxed as their services are 'voluntary' under these tax laws.

These set guidelines by the German Ministry Of Finance are in contrast with the US government stance on cryptocurrency, where the Internal Revenue Service (IRS) considers Bitcoin as property and therefore subject to property tax.

Hope you found my post useful.  Merit