22 Aug '13, 2pm

Germany lends real value to bitcoin virtual money

Germany lends real value to bitcoin virtual money

Germany has recognized the online currency bitcoin as a legal unit of currency. The move improves the virtual currency's image, but also means the people who have bitcoins will have to answer to the tax man. From food to toilet paper, and drugs to weapons - everything is available on the Internet and, increasingly, purchases are paid with virtual currencies such as bitcoin. The German Finance Ministry has recently recognized bitcoin as a currency unit and as private money, subjecting holdings of bitcoins to German tax laws. The move has somewhat polished up bitcoins still dubious image, putting Internet trading in the currency on a legal footing and allowing the exchange of the virtual currency into real dollars or euros. Online currency conversion sites determine the value of Bitcoins according to supply and demand. Currently, one bitcoin is valued at about $110 (82 euros...

Full article: http://www.dw.de/germany-lends-real-value-to-bitcoin-virt...

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