In Germany, Bitcoin Is Now Legal Tender Big Think

No matter how much you make selling your cryptocurrencies, you dont pay tax on the capital gains if youve held them for over one year. This is due to the premise of bitcoin being legal tender. Also rear: 80,000 New Merchants in Europe Gain Option to Accept Crypto. In a separate TV interview with French media, Mr le Maire said he had been "advocating for the regulation of cryptocurrencies for several months". What's the Big Idea?

Germany Won t Tax You for Buying Coffee With Bitcoin - CoinDesk

The Board is attempting to position Germany as a diverse and attractive travel destination, but also strengthen the countrys profile as a business location. Digital coins "could pose substantial risks for investors" and should be monitored closely, they claimed in a letter addressed to fellow G20 finance ministers.

31 Exchanges to Buy Bitcoin in Germany (2018)

Traditional work-from-home day traders will be less inclined to move to Germany. 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. It represents the country on behalf of the Federal Ministry for Economic Affairs and Energy. But perhaps even more interesting is the fact that you pay no tax if you hold your Bitcoin, Litecoin, Ethereum, Ripple, or other altcoins, for a period of over one year. The organization promotes German travel destinations with offices in 32 countries around the world.

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Thats why most jurisdictions have put Know Your Customer (KYC) regulations in place, which require cryptocurrency exchanges to verify their users identities. This distinction is important, since private sales bring tax benefits in Germany. If you are trading Bitcoin and other cryptocurrencies yourself, you will likely have gone through a verification process, in which you had to upload a scan of your passport or drivers license, and a utility bill or a bank statement to prove your address with.

Germany Treads Lightly on Bitcoin Taxation - Bitcoin News

Instead, Bitcoin and altcoins are considered private money. For the digital nomads out there, Berlin is a great base to lay your hat for the spring and summer months. Bitcoin and similar cryptocurrency as its price continues to swing. Accepting Bitcoin to Drive Innovation, services offered by the German National Tourism Board (gntb) can now be paid in cryptocurrency. Example of the German Bitcoin tax.