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Bitcoin: Germany grants BC legal status as private money
Just to let you know: Germany has granted Bitcoin the status as private money. The Federal Ministry of Finance makes it therefore possible to pay using Bitcoin with legal and taxational certainty within Germany.
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Comments
wow!!
I hope also bitcoin will be legal in my country(Financial officers don't know how to operate computer so they will take a 5 to 10 years or 100+ years)
What does this mean, exactly? I don't think it was illegal to pay with Bitcoin before.
@DewlanceVPS Just sell them some proper autoboot
Without this legal act you could run into problems legal and tax-wise. Money laundering and tax evasion are federal crimes in Germany. However, since Bitcoins are now considered as private money (debtures between private entities) and you have to pay taxes on Bitcoin income etc. this legal uncertainty is abolished.
Nice
more taxes ?
jails are almost full anyways
Only less?
Does that mean the German government is accepting Bitcoin tax payments? Won't the currency's fluctuations make it difficult?
No: private money!=official tender. Towards the state you have to pay taxes using the Euro. However, between private parties you are allowed to use Bitcoins. When it comes to taxation on winnings/losses on foreign exchange with Bitcoin, Bitcoins are now considered as foreign currency. This gives to a quite good certainty taxwise: Earnings with bitcoins are considered as normal taxational situations, like with any foreign currency.
huh? YOu fill your taxes in EUR, you just add that the currency was BTC before.
Nothing is done directly in BTC.