On October 28, the German parliament issued a statement in which it declared that cryptocurrencies such as Bitcoin (BTC) are not real money. The country's authorities responded to a request from the parliamentary faction of the Free Democratic Party.
According to German authorities, digital assets like Bitcoin, stablecoins, and other cryptocurrencies have very few tangible features that fiat currencies normally provide: they are neither a store of value nor a payment instrument.
The statement contains the following basic definition of money: exchange and means of payment, store of value, and unit of account. The lawmakers concluded that the volume of payments in crypto is several orders of magnitude lower than that of traditional currencies.
''From the point of view of the Federal Government, it must be ensured that stable coins do not establish themselves as an alternative to state currencies, thereby calling the existing monetary system into question.''
Finally, the federal government additionally famous that they had but to resolve whether or not Fb’s Libra can be compliant with German legislation. The white paper of the venture isn’t an acceptable supply of knowledge to pass judgment on the subject and additional info is wanted, the commentary reads.