German Government recognized Bitcoin

June 22, 2014 - PRLog -- World's most famous cyber currency bitcoin, established in 2009 and has become very popular in recent years, is now officially recognized as one of the means of payment in Germany, the newspaper Frankfurter Allgemeine. The Ministry of Finance issued a decision on which bitcoin legally recognized "means mutual." Thus, the payment system, which existed initially only on the Internet, stood in line with dollars and euros. However, while the use of Bitcoins approved only for private transactions. Any commercial activities related to cyber currency require separate authorization from the German financial regulators.

The reason for making Bitcoin as "mutual funds" served their increased popularity. Germans for over a year actively use virtual currency, but avoid 25% income tax when making transactions. Therefore, following the recognition of the Ministry of Finance intends to bitcoin sum and tax legislation for the new unit of account, to settlements with Bitcoins also taxed. How this will be done is not yet clear, given the nature of this currency.

The fact that the system does not exist bitcoin bank accounts themselves, as well as no single bank issuing the currency. System users themselves create a virtual coin that automatically comes to their account (wallet). At the same time all the bills are anonymous and are only created for the implementation of one transaction, and then destroyed. That is, calculate the one who participated in the transaction and when, will be virtually impossible. But the Finance Ministry and the German tax office promised to draw up a bill by the end of this year.

More financial news in Germany can be found at http://gerbanks.com