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Germany recognizes Bitcoin as ‘private money’
rt.com Bitcoin has been recognized for legal and tax purposes in Germany, making it the first country to take an official stance on the status of using the online currency as money. Berlin has acknowledged the virtual tender as a "currency unit" and "private money," according to German newspaper Die Welt. The classification means that some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free, the paper reported. The recognition was laid out in a Finance Ministry response to a query from Frank Schaeffler, a member of parliament’s Finance Committee. "For the first time, the federal government recognizes Bitcoins as private money," said Schaeffler. to read more click here: rt.com
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