31 Aug '13, 11pm

Germany Acceptance of Bitcoin Sets Standard for Other Countries #money #currency #bitcoin #germany #b…

The story of the German Finance Ministry stating essentially Bitcoin is “legal tender” has been making the rounds all over the virtual currency and technology world. The German government recognizes the digital currency as a “unit of account” that can be used in Germany. This makes them a kind of “private money”, which can be used in multilateral clearing circles. The German Ministry of Finance has issued an official statement recognizing Bitcoin as “Rechnungseinheiten,” a legal designation that translates to “units of account”. This type of money is also referred to as “artificial currency” or “side payments.” “We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction,” said Frank Schaeffler, a member of the German parliament’s Finance Committ...

Full article: http://siliconangle.com/blog/2013/08/20/germany-acceptanc...

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