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Germany, the first country to recognize the bitcoin as "currency" and "private money"

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Germany has become the first country that legally recognizes the virtual currency bitcoin as a form of money. After an explicit request of liberal and Eurosceptic Deputy Frank Schäffler, the Ministry of Finance of the country declared to bitcoin a "currency unit" and a form of "private money", thus recognizing their legal and tax effects according to the German newspaper 'Die Welt'. This means that some profits in 'bitcoin'-related activities may begin to be subject to tax, but the personal use of the currency will remain tax-free, explains the daily. Recognition of the currency serves the State also to keep it under legal and juridical control and prevent it from becoming a refuge for tax evaders. The same Schäffler says that he is excited by the fact that the bitcoin somehow represent "a democratization of the currency", since - he says - "is a decentralized global currency that is not controlled by central banks". However, the Deputy warns that it is still a very unstable product that can lead to a rapid and significant loss of money. Although German recognition confers greater legitimacy to the currency, could also open the door to greater regulation, something which many followers of bitcoin oppose actively, since unlike other currencies it is not backed by any Government nor dependent on confidence in any central transmitter. In this sense, at the beginning of August a United States federal judge.UU. It ruled that the bitcoin is a legitimate currency, thus protecting its users, while also opening the door for virtual money will soon be regulated by governmental supervisors. The Bitcoin, created by a 'hacker' whose code name is Satoshi Nakamoto, in 2009 has a price of 78 euros (104 dollars). The virtual currency advocates claim that it helps to protect the identity of the users of theft and credit card fraud. Critics raised the lack of regulatory oversight and the so-called wholesale privacy makes this coin more attractive to scammers. In addition, skeptics question the exchange rate volatile currency, inflexible supply, the high risk of loss, and minimum use in trade. [caption id="" align="alignnone" width="630"]Germany Bincoin Corbis / RT[/caption] Desde Actualidad.rt.com
Erick Gálvez
Author: Erick GálvezWebsite: http://www.asdforex..comEmail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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