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Thursday, August 22, 2013

Germany Legalizes Bitcoin: Competing Currencies Are Here

Posted: 21 Aug 2013 11:42 AM PDT
While Thailand may have banned Bitcoin, the electronic currency — although some are not so sure — the economic powerhouse of Germany has just made it legal tender:
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.
Moreover, one Parliamentary official, a member of the classical liberal Free Democrat party that is currently part of the coalition government, gave a truly liberal backing for the decision:…..To Read More……

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