Germany Ministry of Finance Declares Bitcoin is Private Money

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Germany Declares Bitcoin is Private Money

It seems that every government is starting to weigh in on Bitcoin. First, the Bank of Thailand advised local companies that Bitcoin is illegal. Then, a federal judge in Texas wrote that Bitcoin is money in a ruling about a Bitcoin ponzi scheme.

Now, Germany has ruled that Bitcoins are private money.

“The German Ministry of Finance does not classify bitcoins as e-money or as a functional currency; they cannot be regarded as a foreign currency. Nevertheless they have to be subsumed under the German term of ‘Rechnungseinheit’ as a financial instrument,” Martin Chaudhuri from the Ministry of Finance told CoinDesk. Rechnungseinheit translates to unit of account in English.

Via MarketWatch.

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2 Responses to Germany Ministry of Finance Declares Bitcoin is Private Money

  1. […] governments and financial institutions worldwide have varying definitions of what Bitcoins […]

  2. […] activity comes on the heels of other regulatory interest in Bitcoin, including Germany’s ruling that Bitcoin is private money, Thailand’s guidance that Bitcoin is illegal, New York’s Department of […]

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