Bitcoin recognized by Germany
 

Virtual currency bitcoin has been recognized by the German Finance Ministry as a "unit of account", meaning it is can be used for tax and trading purposes in the country.

Bitcoin is not classified as e-money or a foreign currency, the Finance Ministry said in a statement, but is rather a financial instrument under German banking rules. It is more akin to "private money" that can be used in "multilateral clearing circles", the Ministry said.

The whole text

:1orglaugh:1orglaugh

One more inevitable nail in the coffin... proving yet again that a bunch of dimwitted, socially retarded fucktards have zero clue how banking and currency systems work and that NO anonymous currency will EVER happen in developed nations for a multitude of reasons.

The funnier part is that _Richard_ is so fucking dumb... he just threw out smiley faces as he frequently does, so he can appear to have an opinion, yet maintain the flexibility to adopt either side of the argument depending on which way the wind blows after intelligent people have made clear the implications of nations clarifying the legal status of bitcoins.

no point letting the mouth breather derail the thread

Germany seems to be rather pissed off about everything :1orglaugh

I am kinda cranky. CSS/jquery giving me some problems

I see it the other way - if countries on highest level recognizes this play money its a good thing. Playcoin needs to be spoken of and recognized because its known to less than 1Į of population. So this is only a good thing for play money. It won't be currency for ilegal stuff anymore, it will evolve as legal thing, such as paypal and so on. If its recognized by such countries it gives value to the coin and it gives perspective to the people - that its no longer just some fake play money, its a bit more. Legitimacy.

yes they are not :)

bc are here for next MLM wave

germans just want to collect taxes from it... for now...

Some nice serialized pure silver collectables.

https://recalescencecoins.com/

Probably wont ever be worth anything tho cuz bbutt coins r so stupid lul. :upsidedow

:1orglaugh

The point is to regulate and tax it... therefore, they will also have to make sure Bitcoins follow all monetary laws applicable in Germany, German entities and citizens, banking rules and regulations and adhere to respective international laws and treaties. At the end of the day, a currency cannot be anonymous and follow all banking/monetary laws, be taxed etc. Therefore, the entire of point of Bitcoin and reason for its support is soon negated as it might become another currency thats accepted as such, it will never be what it was intended to be and will ultimately be regulated and controlled.

I love big brother.

Precisely my point. One simple ruling... obvious implications... pushing it to a logical conclusion.

irony at its finest.

$121 anyay

http://bitcoinity.org/markets/image?span=7d&size=medium

i see you all from the top wankerz :)

Looks legit. :)

I completely understand that and I still say that it better for bitcoin.

You have either:
a) piracy unregulated play money that is used among minority of population that "hates the banks"
b) regulated real currency that has legitimacy and is trusted by many more people.

I mean those ideological bitcoiners would not be happy but bitcoin would have much more weight as legitimate currency. Fake monopoly joke money would become real money because of recognition by countries. Thats huge achievement. I mean imagine - everybody can create play money and play in sandbox like bitcoin. But how many can create play money that becomes real money recognized by world countries?

Really German Government as well as other Governments did not talked of "Bitcoin", but of virual currency or generic decentralized tokens systems, "for example, Bitcoin". This means that *every whatevercoins created by anoyone as fork of bitcoin opensource code, including litecoin, feathercoin, GFYcoin, porncoin, will be recognized and regulated by the Government(s)*, all at once. Just with different level of support and exchange value.

I wonder will tax in Germany go right while you still have money on bitcoin account or only when you convert it to real money.

Do you understand how MLM works? If so you would understand that bitcoin could not work like that.