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Bitcoin Finds A Home In Cash-loving Germany

Bitcoin Finds A Home In Cash-loving Germany

Bitcoin Finds a Home in Cash-Loving Germany Country is turning into a development hub for virtual currencies and blockchains BERLINA motley crew of old-money investors, entrepreneurs, crypto-anarchists and anti-inflation hawks is rallying around bitcoin in a surprising place: cash-loving Germany. Driven by interest from these very different constituencies, Germany and especially its capital are turning into a development hub for virtual currencies and blockchains, the distributed ledger technology that underpins them. Copyright 2018 Dow Jones & Company , Inc. All Rights Reserved.

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  • Germany: A Surprising Bitcoin Tax Haven

    Germany: A Surprising Bitcoin Tax Haven

    Home / Living / Residence /Germany: A Surprising Bitcoin Tax Haven For many investors, 2017 marked the first year they seriously got into Bitcoin. What had been a novelty that was only understood and traded by geeks, barged into the mainstream consciousness with a 1,308% rise in value. And where the money flows, the legislators go. They may be a little slow to catch up, but that doesnt mean you can keep your cryptocurrency gains hidden from the IRS or its foreign equivalent. In this blogpost well be looking specifically at the German situation. As you will learn below, Germany is a special case when it comes to Bitcoin and altcoin profits in a good way. This is thanks to the way the German authorities see cryptocurrencies. But first, lets zoom out to crypto regulations around the world. Why cryptocurrencies give regimes a headache? Whether its the legislators age or simply the rate in which the crypto space develops, law-makers are having a hard time understanding, let alone keeping up with, digital currencies. Added to the culture shock is the fact that its hard to trace money once its converted to Bitcoin, exchanged for altcoins, and used to buy more Bitcoin with, for example. And when money is hard to trace, it can easily be used for illegal activities such as the arms and drugs trade, and money-laundering. Thats why most jurisdictions have put Know Your Customer (KYC) regulations in place, which require cryptocurrency exchanges to verify their users identities. Some exchanges are doing a stellar job in encouraging users to verify themselves. They will let you deposit when youre unverified, but wont let you withdraw until youre verified. But lets not get distracted; that is a whole different story. If you are trading Bitcoin and other cryptocurrencies yourself, you Continue reading >>

    Bitcoins Kaufen, Bitcoin Kurs Bei Bitcoin.de!

    Bitcoins Kaufen, Bitcoin Kurs Bei Bitcoin.de!

    Grter Bitcoin-Markplatz in Europa mit ber 430.000 Kunden Erster und weltweit bisher einziger Bitcoin-Handelsplatz mit geprften Bitcoin-Kundenbestnden durch eine ffentlich-rechtlich bestellte deutsche Wirtschaftsprfungsgesellschaft (letzte Prfung zum Stichtag 04.09.2017, nchste Prfung geplant fr September 2018) ber 98% der Bitcoin-Kundenbestnde sind offline gespeichert Alle Server von Bitcoin.de stehen in gesicherten Rechenzentren in Deutschland Regelmige Sicherheits-Audits durch externe Unternehmen Vorteil eines Marktplatzes wie Bitcoin.de: Ihr Geld liegt immer auf Ihrem eigenen Bankkonto mit gesetzlicher Einlagensicherung. Bei den meisten Bitcoin-Brsen liegt Ihr Geld hingegen in der Regel ungesichert auf dem Firmen-Bankkonto des Brsenbetreibers mit der Gefahr eines Totalverlustes bei einer Insolvenz des Brsen-Betreibers. Weitere Vorteile wie deutschsprachiger Support, Bug-Bounty Programm, verschlsselter E-Mail Versand und vieles mehr UnserBitcoin Chartzeigt Ihnen den aktuellen Bitcoin Kurs in Euro (Krzel: BTC und XBT) sowie die Bitcoin Kursentwicklung (Bitcoincharts). Wenn SieBitcoins kaufenmchten, knnen Sie sich hier anmelden . In unseren Bitcoin.de FAQs und in unserem Tutorial "Mein erster Bitcoin" erfahren Sie,wie Sie Bitcoins verkaufen oder kaufen knnen.Aktuell knnen Sie einenBitcoin ab 13.440,00 Euro kaufen. Alternativ knnen Sie auch mit einem sogenannten Bitcoin Miner selbst Bitcoins erzeugen. Fr das Bitcoin Mining bentigen Sie einen speziell ausgestatteten Bitcoin Rechner,auch Bitcoin Rig genannt. Fr die Nutzung der digitalen Whrung ist ein Bitcoin Client erforderlich, der Ihr sogenanntes Bitcoin Wallet verwaltet.Alternativ knnen Sie Ihren Account auf Bitcoin.de alsBitcoin Online Walletnutzen, um Ihre Bitcoins sicher zu verwahren.Weitere Infos finden Sie entwed Continue reading >>

    Germany Treads Lightly On Bitcoin Taxation

    Germany Treads Lightly On Bitcoin Taxation

    Germany Treads Lightly on Bitcoin Taxation Germany is taking a lead within European Union established economies, deciding upon slow regulation when it comes to the worlds most popular cryptocurrency, bitcoin. It will not tax the digital asset as a form of payment, miner rewards escape the sting as well, and even some exchanges will receive exemptions. Also read: Bitcoin Futures Regulator Allows Employees to Trade Crypto Bundesministerium der Finanzen, Germanys Federal Ministry of Finance, issued a four page document outlining its tax regime regarding bitcoin, VAT treatment of Bitcoin and other so-called virtual currencies. Using a 2015 decision from the European Union Court of Justice on value added tax (VAT), the broader EU believes it can decide the fate of taxing bitcoin. Germany too is using it as a framework. Though filled with legalisms, the document seems to imply bitcoin as legal tender when a means of payment, thus exempting it from a typical usage tax. Interpreting usage of bitcoin free of VAT[the] use of Bitcoin is the use of conventional means of payment if it serves no purpose other than a pure means of payment serve, the document defines. The dedication of Bitcoin to the mere remuneration payment is therefore not controllable. When paying with Bitcoin, the fee is basically determined by the service provider the equivalent in the currency of the Member State in which the service takes place and to the time this performance is performed. When taking bitcoin from the virtual world and into euros, for example government paper then this would be still not be a taxable event, the document implies. This is due to the premise of bitcoin being legal tender. Bitcoin purchases per se will be subject to VAT, as are all such transactions for businesses. Service fees p Continue reading >>

    Germany Won't Tax You For Buying Coffee With Bitcoin

    Germany Won't Tax You For Buying Coffee With Bitcoin

    Germany Won't Tax You for Buying Coffee With Bitcoin Feb 28, 2018 at 22:00 UTC|UpdatedMar 1, 2018 at 12:57 UTC Germany won't tax bitcoin users for using the cryptocurrency as a means of payment, the Ministry of Finance has said. The guidance, published Tuesday, sets Germany apart from the U.S., where the Internal Revenue Service treats bitcoin as property for tax purposes - which means that if an American buys a cup of coffee with bitcoin, it's technically considered a sale of property and potentially subject to capital gains tax . Instead, Germany will regard bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document. The Bundesministerium der Finanzen based its guidance on a 2015 European Union Court of Justice ruling on value added taxes (VAT). The court ruling creates a precedent for European Union nations to tax bitcoin while providing exemptions for certain types of transactions. Notably, the new German document justified its tax decisions by regarding cryptocurrencies a legal method for payment, stating: "Virtual currencies (cryptocurrencies, e.g., Bitcoin) become the equivalent to legal means of payment, insofar as these so-called virtual currencies of those involved in the transaction as an alternative contractual and immediate means of payment have been accepted." For tax purposes, this means that converting bitcoin into a fiat currency or vice versa is "a taxable miscellaneous benefit." When a buyer of goods pays with bitcoin, an article of the EU's VAT Directive will be applied to the price of bitcoin at the time of the transaction, as documented by the seller, according to the document. However, as per the EU ruling, the actual act of converting a cryptocurrency to fiat or vice versa is classifie Continue reading >>

    Any Rule On Bitcoin Must Be Global, Germany's Central Bank Says

    Any Rule On Bitcoin Must Be Global, Germany's Central Bank Says

    January 15, 2018 / 3:45 PM / 2 months ago Any rule on Bitcoin must be global, Germany's central bank says FRANKFURT (Reuters) - Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germanys central bank said on Monday. FILE PHOTO: Sparks glow from broken Bitcoin (virtual currency) coins in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo National authorities across the globe, and particularly in Asia, have attempted to put the brakes on a global boom in the trading of Bitcoin and other cryptocurrencies - a form of digital money created and maintained by its users. But Joachim Wuermeling, a member of the board of Germanys Bundesbank, said national rules may struggle to contain a global phenomenon. Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited, Wuermeling told an event in Frankfurt. Chinese regulators have banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining - but activity has continued through alternative channels in China despite the crackdown. South Korea, where speculation on cryptocurrencies is also rife, is working on plans to ban virtual coin exchanges. European Union states and legislators agreed last month on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies. Reporting By Francesco Canepa Editing by Jeremy Gaunt Continue reading >>

    German Stock Exchange Mulls Adding Bitcoin Futures

    German Stock Exchange Mulls Adding Bitcoin Futures

    German Stock Exchange Mulls Adding Bitcoin Futures Stock exchange operator Deutsche Boerse is reportedly considering whether to make Germany the first European country to list full-fledged bitcoin futures contracts on a regulated trading platform. Deutsche Boerse Mulls Listing Bitcoin Futures According to German business outlet Wirtschaftswoche , Deutsche Boerse executives are holding discussions about whether to list bitcoin futures on Eurex, which is Europes largest futures and options market. We are thinking about futures, with which private investors and institutional investors can protect existing investments in Bitcoin or set for falling prices of the cyber currency, a spokeswoman for the exchange told the magazine. However, Deutsche Boerse is concerned about the potential for price manipulation, given that most spot bitcoin markets are unregulated a common complaint among critics of cryptocurrency futures. If Deutsche Boerse does list bitcoin futures, it will be the first regulated exchange in Europe to provide investors with direct access to these products. Two financial houses have launched mini futures on SIX, Switzerlands principal stock exchange and Nasdaq Nordic has listed two exchange-traded bitcoin notes but no European exchange operator has listed full-fledged futures contracts. Though still a nascent asset class, institutional investors have been clamoring for the ability to gain exposure to cryptocurrency without the systemic risks of holding the assets directly, and futures meet this need. Earlier this week, Wall Street obtained its first exposure to cryptocurrency futures after CBOE became the first regulated U.S. exchange to list these products. CME the worlds largest derivatives exchange will begin trading bitcoin futures on Monday , making them a Continue reading >>

    Germany Joins French-led Moves To Regulate Bitcoin At G-20 Level

    Germany Joins French-led Moves To Regulate Bitcoin At G-20 Level

    Germany Joins French-led Moves to Regulate Bitcoin at G-20 Level Frances Le Maire says will ask G-20 partners for new rules Italy said to be ready to discuss minister Le Maires proposal EU Commissioner Pierre Moscovici says he does not consider bitcoin an alternative currency. Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the worlds most popular digital currency is being used by money-launderers, drug traffickers and terrorists. Germanys Finance Ministry said it welcomed a proposal by French Finance Minister Bruno Le Maire to ask his counterparts in the Group of 20 to consider joint regulation of bitcoin. The concerns are shared by the Italian government, which is also open to discussing regulation, while the European Union is bringing in rules backed by the U.K. that would apply to bitcoin. It makes sense to discuss the speculative risks of virtual currencies and their impact on the financial system at international level, the Finance Ministry in Berlin said in an emailed response to questions. The next meeting of G-20 finance ministers and central bank governors would be a good opportunity to do so. Signs of growing European concern came as bitcoin took another step toward acceptability with the launch of futures trading Sunday night at CME Group Inc.s venue. Thats a week after Chicago rival Cboe Global Markets Inc. introduced similar derivatives on the volatile cryptocurrency that was created in the wake of the 2008 financial crisis as an alternative to banks and government-issued currencies. Bitcoin was closing in on a fresh record of $20,000 on Monday. The Finance Ministry in Germany, Europes biggest economy, monitors developments in the financial market very closely, it said. This also applies to the current de Continue reading >>

    Why Berlin Remains The Bitcoin Capital Of Europe In 2018

    Why Berlin Remains The Bitcoin Capital Of Europe In 2018

    Why Berlin remains the Bitcoin capital of Europe in 2018 When it comes to spending the digital currency Bitcoin, it seems Berliners have been on trend longer than the rest of Europe. The German capital was first dubbed the Bitcoin Capital of Europe by the Guardian in 2013 and since then a number of other businesses have been keen to accept cryptocurrency as a form of payment. Nowadays people can buy an apartment, book holidays, eat and drink in a number of trendy bars and even pay for further education using the controversial cryptocurrency Bitcoin. There are a number of appealing factors which make Bitcoin an attractive form of payment. One of them is the blockchaintechnology behind the cryptocurrency. This means Bitcoin is managed by its network and not by one central authority. Be warned - Bitcoin investing is not for the faint-hearted! This year Bitcoin price has been falling as concerns grow that governments will crack down on the industry. Currently Bitcoin is trading at $10,600 after hitting almost $20,000 in December. ESMT encourages Blockchain education and accepts Bitcoin payments One of the first universities in Germany to accept Bitcoin as a means of payment is the European School of Management and Technology (ESMT). The ESMT Berlin EMBA is ranked highly in the world for career progress and first started acceptingBitcoin payments in December 2016. Georg Garlichs, CFO of ESMT explains that Bitcoin is a decentralized virtual peer-to-peer currency and can now be used for all payments to ESMT. The institution also accepts Ethereum, Litecoin and Dash - all cryptocurrencies - as a form of payment. Similar to an SMS, the digital currency enables worldwide money transfers within a few minutes without involving a bank. ESMT is an innovative and future-oriented busin Continue reading >>

    Bitcoin Is Definitely Doomed, If You Believe The German Media

    Bitcoin Is Definitely Doomed, If You Believe The German Media

    Bitcoin is definitely doomed, if you believe the German media German news outlets are painting the crypto rally as a sign of its eventual demise As bitcoin topped $11,000 and Nasdaq prepared to join the rush to introduce cryptocurrency futures , digital-currency euphoria appears to know no bounds. In Germany, however, the media is calling for caution. While the prospect of increased institutional participation has helped fuel the rallys most recent push, commentators in Germany, where investors are known for risk aversion, appear to have made up their mind: Bitcoin BTCUSD, +1.26% is a bubble. Read: Bitcoin lays waste to a years worth of bubble calls on its way to new highs In fact, bitcoins recent highs suggest it represents the first popular global bubble of the digital age, according to German daily Sueddeutsche Zeitung . After all, every episode of hype has to come to an end, wrote Sueddeutsche, complete with tulip fever anecdotes, and arguments about Bitcoins transaction processing speed. Bitcoin is the tulip bulb of the 21st century financial markets, the paper quoted Deka-Bank economist Ulrich Kater as saying. The 17th century tulip mania is often described as the first recorded speculative bubble. Similarly, Tagesschau.de , the news site of public broadcaster ARD, described bitcoin as, unregulated, unsafe and irresistible this week. Read: Opinion: The chance of a bitcoin crash is greater than 80% Manager Magazin titled an opinion piece from Main Sky Asset Managements Daniel Pfndler on Tuesday, The crash of bitcoin is a question of time. Pfndler acknowledged that blockchain was a technological breakthrough, but said that more advanced and efficient cryptocurrencies would likely take the place of eight year-old Bitcoin, leading it to eventually tumble at the same Continue reading >>

    German Researchers: Child Abuse Content Found On Bitcoin Blockchain, Users Must Be Protected

    German Researchers: Child Abuse Content Found On Bitcoin Blockchain, Users Must Be Protected

    German Researchers: Child Abuse Content Found On Bitcoin Blockchain, Users Must Be Protected A group of German researchers have uncovered illegal child abuse content on the Bitcoin Blockchain, said measures must appear to protect users. Researchers from two German universities have uncovered data in the Bitcoin Blockchain which could mean anyone who downloads it is breaking the law, The Guardian reports March 20. In a paper published by two groups from Aachen and Frankfurt University, authors claim sexual images and links to child pornography attached to Bitcoin transactions has the potential to criminalize swathes of the nascent Blockchain industry. Bitcoins blockchain contains at least eight files with sexual content. While five files only show, describe, or link to mildly pornographic content, we consider the remaining three instances objectionable for almost all jurisdictions: Two of them are backups of link lists to child pornography, containing 274 links to websites, 142 of which refer to Tor hidden services, the paper states. While largely harmless, potentially objectionable blockchain content is infrequently inserted, e.g., links to alleged child pornography or privacy violations. Bitcoin transactions can typically accommodate only small packets of additional data, with only 1600 files currently in storage on the Blockchain. Sexual content thus makes up just 0.5% of the total, yet in some countries this could be enough to constitute illegal activity on the part of Bitcoin users. The origin of all the questionable files is not known: Notably, two of the explicit images were only detected by our suspicious transaction detector, i.e., they were not inserted via known services, the researchers add. As more and more countries introduce hard-and-fast regulations for Continue reading >>

    France And Germany To Propose Bitcoin Regulations

    France And Germany To Propose Bitcoin Regulations

    France and Germany to propose bitcoin regulations France and Germany aim to propose regulations on bitcoin in March. France and Germany said Thursday plan to make a joint proposal on regulating bitcoin at a meeting of finance ministers from the G20 countries in March. "We have the same concerns and we share the goal of regulating bitcoin ," French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier. Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals. "These proposals on regulation will be submitted as joint French-German position to our G20 counterparts" at their mid-March meeting in Buenos Aires. The Group of 20 club of nations, which was born during the 2008 financial crisis, has focused on the global economy . For his part, Altmaier said "we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed." Their promise to develop regulations came a day after a sharp drop in the value of bitcoin, which fell through the $10,000 level for the first time since November after authorities in China and South Korea cracked down on cryptocurrencies. France wants tougher rules on bitcoin to avoid criminal use France's finance minister says he wants new regulation targeted at virtual currencies, to stop them from being used for tax evasion, financing terrorism and other crime. Bitcoin prices fall as South Korea says ban still an option Prices of bitcoin and other digital currencies have skidded after South Korea's top financial policymaker said Tuesday that a crackdown on trading of crypto currencies was still possible. France to allow trading of securities via blockchain France's finance minister unveiled Friday a decree that would Continue reading >>

    Deutsche Boerse Considers Bitcoin Futures Launch In Germany: Report

    Deutsche Boerse Considers Bitcoin Futures Launch In Germany: Report

    Deutsche Boerse executives have been "thinking" about the introduction of futures contracts, German business magazine Wirtschaftswoche reported Wednesday. This would make Germany the first European country to provide futures for the cryptocurrency. A spokeswoman for Deutsche Boerse told CNBC that she could not confirm Wirtschaftswoche's story, but said the firm was looking into the asset class "as we always look into new asset classes." A German stock exchange operator is reportedly considering the launch of its own bitcoin futures contracts. Deutsche Boerse executives have been "thinking" about the introduction of futures contracts, German business magazine Wirtschaftswoche reported Wednesday. "We are thinking about futures, with which private investors and institutional investors can protect existing investments in bitcoin or set for falling prices of the cyber currency," a spokesperson for Deutsche Borse told the publication. This would make Germany the first European country to provide futures for the cryptocurrency. A spokesperson for Deutsche Boerse told CNBC that they could not confirm Wirtschaftswoche's story, but said the firm was looking into the asset class "as we always look into new asset classes." "We reflect both the advantages of cryptocurrency derivatives as well as potential issues that need to be addressed," the spokesperson said. Such issues included the fact that digital currency technology was "still evolving," the fragility of bitcoin's spot market, a lack of regulation and price volatility. "As a fully regulated exchange, we need to address all of the above and more, before we can launch products," the spokesperson said. The futures contracts would be traded via Deutsche Boerse's Eurex derivatives exchange, Wirtschaftswoche said. So far, U.S. ex Continue reading >>

    In Germany, Bitcoin Is Now Legal Tender

    In Germany, Bitcoin Is Now Legal Tender

    On Monday, Germany's finance ministry brought Bitcoin one step closer to legitimacy by declaring it a "unit of account," thus allowing it to be used as legal currency for tax and trading purposes. Supporter and parliament member Frank Schaeffler says that classifying the virtual currency under the country's banking rules represents "a first step" towards denationalizing the production of money, and hopes that the government doesn't interfere with its success: "A free country should...not intervene in citizens' private choice of money." As Bitcoin continues to grow in popularity, it's been attracting increased attention from government and financial institutions. The Thai government banned the currency last month, and in the US, both the FBI and the Department of Homeland Security are investigating it. Germany's ruling opens the way for officials to collect tax on commercial profits made through Bitcoin transactions, which FOREX.com research director Katherine Brooks says is "a good example of German forward-thinking...[Bitcoin]could become an alternative to the euro if the single currency ever ceased to exist." Continue reading >>

    Germanys Tourism Board Accepts Bitcoin Payments

    Germanys Tourism Board Accepts Bitcoin Payments

    Germanys Tourism Board Accepts Bitcoin Payments The German National Tourism Board has announced that it accepts cryptocurrencies such as bitcoin for its services. The organization promotes German travel destinations with offices in 32 countries around the world. GNTB also intends to implement blockchain technologies in its finances. We want to be a global innovation driver in the tourism industry, its chairperson recently stated. Also rear: 80,000 New Merchants in Europe Gain Option to Accept Crypto Services offered by the German National Tourism Board (GNTB) can now be paid in cryptocurrency. The organization which promotes Germany as a travel destination accepts bitcoin payments from March this year, according to a press release. It also announced medium-term plans to test blockchain technologies in the processing of its international financial transactions. Within our digitization strategy, we are constantly examining the latest technologies and considering their application in our organization, said GNTBs Chair Petra Hedorfer. By accepting cryptocurrencies as means of payment and with the possible implementation of the blockchain technology in our finances, we want to position ourselves as an innovation driver in the tourism industry, she added. The blockchain technology offers interesting perspectives in regards to the speed, transparency and security of financial transfers, the Board also notes. The announcement recognizes the potential for tremendous improvements and savings in international transactions. For over six decades, the German National Tourism Board has been working to promote internationally travel opportunities in the the Federal Republic. It is constantly developing new marketing strategies and concepts based on specific themes, events and attracti Continue reading >>

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