Market News: Germany Officially Recognized Bitcoin as a Legal Tender.

The German Federal Ministry of Finances considers Bitcoin as tax-exempt as long as it is used as a means of payment.

The German federal authority released its decision to not subject purchases with Bitcoin and other cryptocurrencies to taxes on Feb. 27, citing the European Court’s 2015 decision, which set a precedent for all members of the European Union.

“So-called virtual currencies (cryptocurrencies such as Bitcoin) are considered equal to the legal means of payment, as long as 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 being used as a means of payment.”

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