Germany recognizes Bitcoin as private money, makes it tax-free for personal use

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Jon Fingas
August 19th, 2013
Germany recognizes Bitcoin as private money, makes it tax-free for personal use

So far, governments have had polarized reactions to Bitcoin: they either recognize it as a fully regulated currency or ban it outright. Germany, however, has just taken a more nuanced position. The country now recognizes Bitcoin as private money that stays tax-free for personal uses, such as non-commercial internet auctions. You'll only have to pay taxes on business transactions. While the decision doesn't give Bitcoin as much weight as the euro, it should reassure Germans who want to stay on the right side of the law.

[Image credit: Zach Copley, Flickr]

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