Germany: Bitcoin Is "Private Money" 223
hypnosec writes "Germany has declared Bitcoin as a 'unit of account', which makes the virtual currency a kind of 'private money' and the process of Bitcoin mining has been deemed 'private money creation.' The recognition as 'unit of account' makes Bitcoin eligible for use in "multilateral clearing circles" and because of this citizens are liable to pay capital gains tax, if they profit from the crypto-currency by sale or purchase within a period of one year – the same as they would have to in case they profit by selling stock, bonds or other form of security. The question here is how the finance ministry would come to know of a person's Bitcoin holding as it is a decentralized currency with no governing body to keep count on the number of Bitcoins a person has. The German government expects that citizens declare their Bitcoin while filing their annual tax return."
Re:I'm out. Thank God (Score:2, Funny)
Yeah I hate how much influence the IRS has in Germany these days.
Re:Same as any other potential fraud. (Score:3, Funny)
I propose an experiment in conciseness. Let's strip the text of the fillers and only leave single instances of all the key words and phrases and see what we get:
BitCoin, Hackers, Anonymous, Bankers, Wall Street, Alien Technology, Jesus, Ancient Faces on Mars, Singularity, Mayan Calendar, Planet X, Prophecy, Truth, Invasion, Flying Saucers, Space Travel, Physical Vibration, Energy Vibration, Reptilians, Signals, Attack, Unknown Origin, The Internet, Illuminati, Skynet, Sumerians, Nibiru, Anunnaki, Genetically Altered Homo Sapiens, Genetic Manipulation, Slaves, War, Genetic Codes, Genetic Program, Synthetic Substitute, Aspartame and Sugar, Fighting Us, Manipulated, Central Planner, 2012 Awakening of Earth, Rebels And Nonconformists, Personal Sovereignty, Light Warriors, Governments, Corporations, Banking Systems, Androids, Clones, Souls, Control, Highly Charged Particles, Revolution of Conciousness, Special Gifts, Angelic Human Path.
Just as I thought - we managed to cut down on the length of the post and it still makes as much sense as the original.