Is Bitcoin Legal In Germany / Germany Officially Recognises Bitcoin As Private Money Coindesk / Supporter and parliament member frank schaeffler says that classifying the virtual currency under the.. Surprisingly, that question is a lot more difficult to answer first and foremost. This comes after the federal financial supervisory authority (bafin), of germany, officially defined cryptocurrencies. A legal obligation to accept bitcoins therefore does not exist. Bafin enhances legal certainty regarding bitcoins. 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.
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Cryptocurrencies are not to be confused with electronic money.
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Jumping on the bandwagon, germany is the new name in the list to classify cryptos and all kinds of digital tokens legal. Unlike the euro (considered fiat money), bitcoins and other cryptographic currencies are not legal tender. Germany has provided legal clarity on the status of bitcoin and other cryptocurrencies. Cryptocurrencies are not to be confused with electronic money. 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.
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Bitcoin.de, based in germany, is one of the largest bitcoin exchanges in europe.
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