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Germany: Bitcoin is Money….

Well this is certainly an interesting development in monetary theory circles.  The German government has apparently recognized Bitcoin as a “unit of account”.  And according to CNBC the online money can be used to pay taxes.

Now, it doesn’t surprise me that they would call Bitcoin money.  Of course it’s money.  It is used to settle payments.  That’s its whole purpose.  But what’s more interesting is that they would allow a privately issued money to be used for tax purposes.  That is a real game changer for the way we all think about money.

Could we be on the verge of a major innovative change in the way we use, produce and regulate money?  Or is this destructive and misguided thinking?   I haven’t fully digested it so feel free to use the comments to discuss.


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