Since the beginning of Bitcoin, there have been many questions regarding its legality. Some countries have banned it outright, while others have embraced it with open arms. So, where does Germany stand on Bitcoin?
As of right now, Bitcoin is neither illegal nor completely legal in Germany. The country has been slow to warm up to the idea of cryptocurrency, but it is gradually starting to change its tune.
In 2013, the German Federal Financial Supervisory Authority (BaFin) declared that Bitcoin was not a financial product and was therefore not subject to regulation. This was a major victory for cryptocurrency advocates in the country.
However, things took a turn in 2014 when BaFin reversed its position and said that Bitcoin was indeed a financial product. This meant that it would now be subject to regulation under German law.
The good news is that BaFin has stated that Bitcoin is not illegal. So, if you want to buy or sell Bitcoin in Germany, you can do so without fear of breaking the law.
However, there are still some hurdles to overcome before Bitcoin can be fully embraced by the country. For example, banks are still hesitant to deal with businesses that deal in cryptocurrency.
This means that it can be difficult to convert Euros into Bitcoin or vice versa.
Despite these challenges, it is clear that Germany is slowly but surely warming up to the idea of cryptocurrency. With time and more education on the topic, it is very likely that Bitcoin will eventually be fully legalized in the country.