Germany is to impose a 25pc capital gains tax on Bitcoin transactions following a ruling that the virtual currency is a form of money.
The German Finance Ministry ruled that Bitcoin is a “unit of account”, and therefore 'mining' them is a form of “money creation”.
This means that, like stocks or shares, any profit from them is subject to Germany’s capital gains tax, at 25pc – unless they are held for more than a year, according to German newspaper Frankfurter Allgemeine Zeitung.
However, the ruling may prove difficult to enforce, as Bitcoin are traded anonymously, and therefore cannot be traced.
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