As of the German Bundestag provides are Bitcoin and other cryptocurrencies are not classified as money. According to the Federal government’s crypto-meet-Token only to a very limited extent, the functions of money in the classical sense.
By Phillip Horch
On 29. October 2019BTC$9.443,41 0.03%part Facebook Twitter LinkedIn xing mail
„crypto-tokens are not real money,“ the German Bundestag on 28. October informed. Bitcoin and other „currently on the market, crypto-Token“ met, therefore, at best, restricted to the classic functions of money. To include the functions of money:
exchange and payment mean storage medium processing unit
The Federal government concerns with your current communication to a message from September, in which they had responded to a Small request of the FDP. Therein it was said that the with the current crypto Token payment processed volume was compared to national currencies is very low.
Also, crypto-Token would be due to their strong fluctuations in value so far, not as a store of value are. Stable Coins such as Libra sees the Federal government as a concern. It was said in the reply from September:
From the point of view of the Federal government will be to ensure that stablecoins to establish itself as an Alternative to national currencies and the existing monetary order in question.
Overall, the message of the Federal government relates more to the „Facebook Coin“ Libra as on Bitcoin and other currencies. Here it is missing to date, however, sufficient information to make the thing go in-depth on the reason. According to the notification of the Bundestag, the White Paper is not sufficient to Libra.
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In the past week, representatives of the crypto-currency project from the house of Zuckerberg came before the Bundestag, and had been the questions of the Finance Committee. The Finance Committee asked many questions, to which the Libra-members knew little answers. A day earlier, had asked Facebook CEO Mark Zuckerberg to the US Senate. It was much sharper than in the German Bundestag. The Congressman left the hearing a few good hair to Libra.
Here is to be noted that the crypto-currency project Libra is not the same as Bitcoin and other crypto-currencies. While Bitcoin represents a decentralized monetary system on a Blockchain-based, represents Libra is more of a counter-proposal. As a private company by stablecoins backed currency, it is a centralised digital currency.
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