Bitcoin, Blockchain gain in Germany, but lack stability

Our partner Dr. Oliver von Schweinitz was quoted in Bloomberg’s BNA International Tax Monitor in an article on the latest developments on Bitcoin. While blockchain as a technology has great potential, he recommends caution with respect to Bitcoin as the virtual currency remains unstable and prone to financial crime abuses.

Countries around the globe are adjusting their taxation and regulation  schemes in line with the growing prominence of cryptocurrencies like Bitcoin in personal and business transactions.

But despite steps to partially legitimize and regulate the buying, selling, and exchange of virtual currencies in Germany, Austria, Italy and elsewhere, the technology is still fraught with issues that facilitate fraud and make it difficult to track down non-payment, attorneys told Bloomberg BNA…

Snapshot:

  • Authorities hesitate to move to full-scale legitimacy before technology matured
  • Technology still fraught with issues that facilitate fraud
  • Difficult to back non-payment

 

The full article is linked here or see attached PDF.

 

Dr. Oliver von Schweinitz  berät Unternehmer und Unternehmen an den Standorten Hamburg und Frankfurt im nationalen und internationalen Steuerrecht sowie im Wirtschafts- und Immobilienrecht.

Spezialgebiete Bankaufsichtsrecht (Trennbankengesetzgebung, Dodd-Frank-Act), Besteuerung von offenen und geschlossenen Fonds, Immobilien- und Immobiliensteuerrecht, Private Equity, Recht des Informationsaustausches (QI, FATCA, CRS), Wirtschafts- und Steuerrecht – auch im Kontext mit US-Recht.

Büro Hamburg, Tel. +49 40 369633-56, schweinitz@gg-v.de