Germany Recogonizes Bitcoin as Legal Tender

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Bitcoins are a first step in this direction,"said Frank Schaeffler, a member of the German parliament's Finance Committee, who has pushed for legal classification of bitcoins. ( Read more: Bitcoin Germany plans to instate new blockchain regulation before the parliament’s summer recess, focusing on what is being called a ”digital value right”. Such a digital value righ Member of the Finance Committee Frank Schaeffler said that recognition of bitcoin would increase "competition in the field of currency production". At the same time, bitcoin was regularly criticised both at the regional and federal levels. "Bitcoin is a means of exchange that is issued not by the central bank, but by unknown persons. Management of Bitcoin in Germany. The German Ministry of Finance responded to the request of the liberal deputy Frank Schaeffler, recognizing Bitcoin officially as ” units of account ” and, consequently, ” private money “, who stresses that it is a product still very unstable and that it can cause large losses of money. Bitcoins are a first step in this direction," said Frank Schaeffler, a member of the German parliament's Finance Committee, who had requested a legal classification of bitcoins. At the time

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