The German Federal Ministry of Finance said on Monday that Bitcoin is not a full-fledged currency but that it is permissible to use it in private transactions….
The German Federal Ministry of Finance said on Monday that Bitcoin is not a full-fledged currency but that it is permissible to use it in private transactions.
But if companies want to use Bitcoins for commercial transactions, they need the permission of the Federal Financial Supervisory Authority (BaFin), said Martin Chaudhuri, ministry spokesman.
Bitcoin is a digital currency that can be exchanged electronically. But like other virtual currencies it lacks the backing of a government entity or a central bank.
In Germany, Bitcoin is not seen as a real currency by the Ministry of Finance, said Chaudhuri. Bitcoin rather falls under the classification “Rechnungseinheiten als Finanzinstrument” which is a unit of account, he said.
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