Skip to comments.Bitcoin recognized by Germany as 'Private Money'
Posted on 12/03/2013 3:00:17 PM PST by Star Traveler
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.
"We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction,"said Frank Schaeffler, a member of the German parliament's Finance Committee, who has pushed for legal classification of bitcoins.
(Excerpt) Read more at cnbc.com ...
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When the dollar is no longer the worlds currency, the $hit’s going to hit the fan.
Right, and our faces will be catching that breeze.
China and Russia are working overtime to make that happen. If Saudi Arabia and OPEC abandons the US Dollar, the end will come quickly!
As is our President.
“...meaning it is can be used...”
Ich bin ein Bitcoiner