Germany Recognizes Bitcoin As “Private Money”, Sales Tax Coming Soon

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http://techcrunch.com – After a parliamentary inquiry, Germany has clarified its position on Bitcoin. The federal ministry of finance recognized Bitcoins as “units of account” — the cryptocurrency should therefore be considered as “private money”. That’s why, according to Die Welt, the government stated that there shouldn’t be a tax exemption on commercial activities that use Bitcoins. In addition to paying capital gains tax, Bitcoin users should now pay sales tax as well. Member of Parliament Frank Schaeffler considers Bitcoin mining as private money creation, and says that (IT news)