Technology

What was the most popular cryptocurrency in Germany in 2021? – Tech Tribune France

The use of cryptocurrencies in Germany is growing rapidly, and Bitcoin and Ethereum are widely used in e-commerce to buy goods.

Cryptocurrencies in Germany are regularly transferred and exchanged and companies have invested their capital in the new digital currency.

It is estimated that more than 2.1 million people, 2.62% of Germany’s total population, currently own a cryptocurrency with Bitcoin as the leader.

The majority of German cryptocurrency owners are in the 18-34 age group (33%). Five percent of them are 55 or older, which means that cryptocurrencies are largely owned by young, tech-savvy and wealthy German residents.

However, Germany is one of the few states in Europe that has started to regulate the Bitcoin system.

The regulation on virtual currency already exists and follows the German banking law (Kreditwesengesetz).

According to this rule, anyone who performs banking activities or financial services for commercial purposes in Germany needs a written authorization from the German Federal Financial Supervision Agency (GFFSA).

The GFFSA has classified digital currencies, in particular Bitcoin, as units of account within the meaning of German banking law.

This means that Bitcoin trading platform operators, at least those established in Germany and / or those serving German customers, need a license from the GFFSA under German law.

The German tax authorities classify Bitcoin as an “economic asset” (Wirtschaftsgut) which is then subject to income tax according to the German Income Tax Act (Einkommenssteuergesetz).

Hence, Germany appears to be fertile ground for crypto companies. Some of the most successful crypto companies in the world have found their place in Germany.

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