Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: zorchy on October 06, 2018, 12:17:16 PM
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The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.
The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.
The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:
"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».
Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".
Commissions to miners should also not be taxed, since they are paid on a voluntary basis.
We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.
Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.
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This is great news. Europe is one continent that no other continent can equal in terms of advances, may they be in terms of technology, social progress, innovation, and so forth. Bitcoin has thrived not just in Germany but also in the United Kingdom, Netherlands, Russia, Italy, and so many others. The rest of the regions of the world should try to emulate this step of the German government. This is a step forward not just of Bitcoin itself but also of the German nation. There will be more of this kind of news to come for sure.
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very encouraging news, Germany is one of the developing countries that the government should legally pay with crypto currency, I'm sure developing countries like Britain, Italy and other developing countries will take the same steps as Germany
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If Germany accepts this arrangement, it will benefit much in the future.and example to other countries.every state following germany will win
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Finally, I can see more good information about bitcoin. This can make a positive impact for the development of bitcoin and cryptocurrency as a whole. I hope this can contribute to lead crypto market to the next bull market. :)
Talking about the regulation of bitcoin in Germany, I think Germany has chosen a wise step in supporting the existence of bitcoin. It legalizes bitcoin and decides to have no taxes for it. This country has been very friendly and wise to bitcoin. If more and more countries do the same steps like Germany, then I guess we can see bitcoin and crypto be accepted around the world sooner.
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That's great news. Germans are a logical nation. Glad that they've decided like this.
I have lived 8 years in Germany and have studied there. I will move back to Germany again sometime in 2019 so this is an awesome news for me.
Does anyone know what's the limit that you can transfer from an exchange to your German Bank Account so that you don't get taxed ?
For example if I transfer 5k EUR from Kraken Exchange to my German Bank Account will I be taxed ?
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I think that regulation in most important countries in Europe is very important to bring new capitals to crypto from investors that are actually sceptic about this world... I hope many Countries will follow this example soon!
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I would like to emphasize that Germany made such a decision on cryptocurrency based on the decision of the European Court of Human Rights of 2015. All countries that have signed the Convention on the Protection of Human Rights and Fundamental Freedoms of 1950, and this, as I recall, 41 states, are obliged to amend their laws so that their domestic laws comply with this particular European Court decision. Therefore, all the other 40 states will be required to adopt the same laws as Germany did.
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It can be seen that Europe is more loyal to digital currencies, so they very often try to strengthen it legally and try to expand its area of application!
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European Central Bank President Mario Draghi always utter his worries about blockchain and crypto currencies. Blockchain and crypto currencies can divide collectivization of European Union, accordingly Draghi. Thats why I dont think that Germany as a leader of EU adopt blockchain and crypto currencies easily.
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these are only the first bells, and soon in most countries cryptoactives will be regulated. And most likely they will take taxes
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This is great news for the entire market. I hope in our country will exclude tax on the use of cryptocurrency.
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Way to go! This is a great step for cryptocurrency. Soon, many more countries will follow (hopefully)
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Very positive news of course, and hope for another countries to follow germany's step. Some products made by germany are quite popular in several countries and hopefully this will be one of the reason for a country to follow germany's step.
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Germany is a bitcoin friendly country so they permit bitcoin as their legal tender. Their government and banking systems permits bitcoin as legally.
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This is very very good news and now I am even more happy that more and more countries are now wants to be the part of bitcoin and they have also understood well that there is no harm in legalisation of bitcoin it will always help countries development and GDP and that why more and more countries are legalising bitcoin in their nation. Bitcoin is very sustainable crypto currency and it will persists for coming many decades and I think other countries should need to understand this fact and bitcoin should be legalised world wide.
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The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.
The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.
The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:
"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».
Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".
Commissions to miners should also not be taxed, since they are paid on a voluntary basis.
We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.
Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.
I think It is good news mate. If German was recognized as legal tender. I hope It will happen in my country.
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Germany is a bitcoin friendly country so they permit bitcoin as their legal tender. Their government and banking systems permits bitcoin as legally.
In Germany, they indicated that they do this based on the decision of the European Court of Human Rights in 2015. The implementation of this decision and the amendment of its national laws on the basis of the decision of this court was binding for Germany. More than forty other states that have signed the Convention on the Protection of the Rights and Fundamental Freedoms of the Human of 1950 should also do this.
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this is very good news, hopefully with Germany accepting and recognizing bitcoin as a legitimate payment instrument the world of cryptocurrency will be progressing later.
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This is a positive news that shows us the fact of the acceptance of bitcoin and crypto always continues day to day. It is good progress and crypto enthusiast will be so happy with this news. I am sure, all the countries around the world will accept bitcoin and crypto one day.
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Every country has different regulations about cryptocurrency. Hopefully not only in Germany can it be legal, but in all countries too. So that bitcoin's legitimacy is more real and gain more trust after the recognition from the government.
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This is already a late news that most crypto currency users in the world already knows that Germany is imposing free of tax regulation on Bitcoin users in their area the day that they declared Bitcoin is legal to use in the country. I just hope that our country will do the same thing but until now our country is stand neural on Bitcoin in which its stll better as we enjoy to earned Bitcoin without tax too.
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currently, the crypto development in some countries is getting better. there are several countries that have used cryptocurrency as a legal payment instrument. it's good if we can use it well.
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currently, the crypto development in some countries is getting better. there are several countries that have used cryptocurrency as a legal payment instrument. it's good if we can use it well.
It seems like this is not so fresh news, but it really pleases. Which means that bitcoin is recognized as a means of payment, so other cryptocurrencies can also get the same status. In this case, it will protect your funds in case of theft will be looking for, and intruders will be punished. On the other hand, it is possible that these assets will fall into the field of vision of the tax.
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The Federal Ministry of Finance of Germany stated that purchases for bitcoins will not be taxed, since the crypto currency is a legitimate means of payment.
The Office published its decision on February 27. In the document, the regulator refers to the European Court's ruling of 2015, which sets a precedent for all EU member states.
The court ruling says that crypto-currencies are considered a legitimate means of payment and that therefore the transactions for the payment of goods and services with their help should not be taxed:
"So-called virtual currencies (crypto-currencies such as bitcoin) are considered equal to legal means of payment if these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than to use as a method payment ».
Conversion of crypto-currencies to fiat and vice versa in the decision of the European Court is classified as "other taxable services". Thus, the party that acts as an intermediary in this exchange will not be taxed. It follows that the operators of crypto-exchange exchanges can receive exemption from taxes "if they complete the purchase and sale of bitcoin as an intermediary on their behalf".
Commissions to miners should also not be taxed, since they are paid on a voluntary basis.
We note that earlier this year the head of the Bundesbank Joachim Wuermeling (Joachim Wuermeling) said that the regulation of crypto-currency should be carried out on a global scale. And the head of the European Central Bank, Mario Draghi, believes that the ECB does not have such authority at all.
Currently, the European Commission is preparing an action plan to prevent financial crimes using crypto currency.
It is a great news, In Germany , Bitcoin was recognized as legal tender. Because I believe bitcoin will be needed at the coming future.
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Wahh is very good. I feel like I want to be a German citizen. There it will be free to use Crypto, especially Bitcoin as a legitimate digital payment instrument. This is very good, because this will affect the future price of Bitcoin for the better. Hopefully my country can be like those who legalize Bitcoin.