OFFICIAL: Germany legalized Bitcoin as a legal way of payment

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2018-03-03
OFFICIAL: Germany legalized Bitcoin as a legal way of payment

Germany became one of the first EU countries, which at the governmental level decided on the regulation of the cryptocurrency industry and the status of bitcoin. As a result of negotiations with regulators, the German Federal Ministry of Finance (BMF) signed a decree recognizing bitcoin as legal tender, equating it to traditional fiat currencies and freeing it from taxation.

The amount of payments for goods or services is determined by the selling party, and the bitcoin rate should be expressed in the national currency of the state in the territory of which the transaction takes place.

Fiat currencies to Bitcoins will not be taxed, but the manager of the enterprise must document the Internet resources that he uses to determine the rate of the first real-time cryptocurrency.

It should be noted that BMF does not intend to regulate the mining industry. The department emphasizes that the mining of new bitcoins by miners is not a payment for their work, since it is impossible to determine the final consumer in this case.

Transaction commissions, which the miner receives from other users, are paid voluntarily and are not directly related to the activity of the miner, officials believe.

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,954.62
  • ethereumEthereum$147.01
  • rippleXRP$0.319525
  • tetherTether$1.00
  • eosEOS$3.81
  • stellarStellar$0.089424
  • litecoinLitecoin$49.09
  • cardanoCardano$0.045150
  • tronTRON$0.024876
  • moneroMonero$50.38
  • iotaIOTA$0.301703
  • nemNEM$0.043677
  • dashDash$84.05
  • neoNEO$8.67
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