21 Sep '13, 8am

Germany: The recognition of Bitcoin gives young people a true monetary alternative - Yaël Ossowski | v…

If everyday consumers and young people are craving positive economic indicators, they can no doubt turn to the de-facto legislation of an alternative digital currency in Europe's most powerful country for inspiration. In an unprecedented move, the German Federal Ministry of Finance declared in a statement earlier this month that Bitcoin is not only an acceptable “unit of account,” but also can be classified as “private money,” granting the digital currency its first official positive recognition by a state. The statement came as a response to a parliamentary inquiry by MP Frank Schäffler , a member of the Free Democratic Party with a seat on the German Parliament's Finance Committee. “We should have competition in the production of money,” comments Schäffler on his website . “I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins...

Full article: http://africanliberty.org/content/germany-recognition-bit...

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