“Key aspects of the bitcoin, a popular online currency, have been recognized for legal and tax purposes by Germany, newspapers reported Saturday. The recognition, which was laid out in a Finance Ministry response to a query from a member of parliament, means Germany recognizes the online currency as a ‘currency unit’ and ‘private money,’ reported the Frankfurter Allgemeine Zeitung and the Neue Osnabruecker Zeitung. Bitcoins have been a popular form of payment among netizens since 2009 although economists question their viability because they are backed by neither a government nor a central bank.”
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