Germany Becomes The First Country to Recognize Bitcoins

Aug 24, 2013 (Sat): The German Ministry of Finance has officially recognized Bitcoins and Bitcoin now is stated as financial instruments in the German Banking Code after an amendment done by German Federal Financial Suprvisory Authority (BaFin), Bitcoin Magazine reported. However, Bitcoin companies must meet strict standards set and licensed by the local authority if want to operate in the country, the report says.