Here's another reason to respect Germany, not only for producing good cars and good beer, but also for the legalization of Bitcoin as legal tender.Pragmatically, upon consideration the benefits to the Treasury, the German Ministry of Finance officially recognized Bitcoins as a financial instrument. This means that profits on Bitcoin related transactions may be taxable. According to the Die Welt some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free.
Legal definition of Bitcoin is contained in the used by the Treasury Department expresses "currency unit" and" private money ". Thus Germany is the first country in the world that officially recognizes bitcoin as legal tender.
In Germany, was established in July and the first trading platform for Bitcoins in Europe bitcoin.de in direct cooperation with banks regulated by the Financial Supervisory Authority. Bitcoin Deutschland GmbH recently announced collaboration with the Munich-based bank Fidor Bank AG.
The recognition of Bitcoin by the Finance Ministry is in response to a query by Frank Schaeffler, a member of the Finance Committee of Parliament. Schaeffler is an active supporter of the competition in the creation of money and denationalization of money. According to him, "Bitcoins are the first step in this direction."
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