Frank Schaeffler, a member of German parliament’s Finance Committee has issued a statement recognizing Bitcoin as “Rechnungseinheiten,” which translates to “units of account”. Many news sources are reporting that this makes Bitcoin ‘private money’ or ‘legal tender’ in Germany.
But what exactly does the designation of “Rechnungseinheiten” mean for German Bitcoin users and businesses?
Via Pymnts.com …
The German parliament stopped short of granting bitcoin full currency status on August 19, but recognized bitcoins as “units of account” when it formally issued regulations for the popular virtual currency.