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Bitcoin is a Private Currency in Germany, Accepts Federal Government

20/08/2013 09:19

German newspaper Die Welt reports that Bitcoin has been recognized for legal and tax purposes in Germany. Thus, Germany is the first country which will officially be accepting Bitcoin and classifying it as a private currency, which has great implications as it will mean that some commercial profits on Bitcoin related endeavors may be taxable.
However, German newspaper Die Welt also reported that though commercial profits may be taxed, people using Bitcoin for personal use will remain tax-free. The recent developments for Bitcoin have been quite appreciating despite Thailand government’s outright rejection of the crypto-currency; even, a court in the U.S.A. accepted that Bitcoin is a currency like dollar, yen, and euro.

Source: https://www.forexminute.com/bitcoin/bitcoin-is-a-private-currency-in-germany-accepts-federal-government-11000