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.
Topic: In Germany, bitcoin was recognized as legal tender - page 9. (Read 1520 times)
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.
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.
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.
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.
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.
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.
its really great news for crypto industry
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.
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.
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.
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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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