Bitcoin has been recognized as a legal currency and taxable in Germany. This is the first country to recognize the use of virtual currency, news channel RT (Russia) reported on 18.8.
Germany the nation's first Bitcoin virtual currency
Germany became the first country to recognize virtual currency Bitcoin - Photo: Reuters
Berlin admits the virtual currency is a "currency" and a "consumer", according to Die Welt (Germany).
This classification means that commercial profits from Bitcoin-related activities may be taxed, but the use of such funds for personal purposes will still be tax exempt, Die Welt for
Bitcoin has become a popular remittance worldwide since it was first announced in 2009, as more and more people are dissatisfied with the banking system.
However, Bitcoin's rise has raised concerns about the viability of conventional currency as Bitcoin is not supported by any central government or central bank.