Key aspects of the bitcoin, a popular online currency, have been recognized for legal and tax purposes by Germany, newspapers reported Saturday.<\/p>\n
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.<\/p>\n
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.<\/p>\n
An overseer group called the Bitcoin Foundation limits the total number of currency units to 21 billion, but it has been unable to avoid sharp fluctuations as it grows more popular.<\/p>\n
Currently, 1 bitcoin is valued at about 110 dollars, according to online currency conversion site xe.com, which also states that the currency is currently not recognized by any national government.<\/p>\n
US regulator launches Bitcoin probe<\/a><\/strong><\/p>\n Authorities seize accounts of major Bitcoin operator<\/a><\/strong><\/p>\n