Germany decides payments with Bitcoin don’t require taxes

The government of Germany, namely, its Finance Ministry, is now not taxing payments in occasions when Bitcoin is used as a means of payment for goods and services, reports from various outlets suggest. This measure greatly varies the policy of the United States and China.

In the United States, Bitcoin is viewed as property, which means that every time one buys a sandwich for Bitcoin, this buyer is conducting a property sell - which is taxed correspondingly.

In China, Bitcoin payments are not welcome and companies conducting them will likely have to answer to the local central bank called People’s Bank of China and other regulators.

These two examples of the world legal practice above give grounds to state that the approach of Germany is ahead of its time, although Japan has allowed non-taxed Bitcoin payments before.

The exact document of the German authorities has been acquired by reporters and is already posted online. This document also tells about mining: those who voluntarily decide to spend the resources of computing devices in exchange for coins will not be taxed as well.