It so happens that Frank Schaeffler is going to be arriving from Berlin this evening, to give a talk at my local Hayek-Society, here in middle-of-nowhere Kaiserslautern (aka K-Town among our American fellow-inhabitants).
Writes Michael Krieger:
We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction.
- Frank Schaeffler, member of German parliament’s Finance Committee
The story of the German Finance Ministry stating Bitcoin is essentially “legal tender” has been making the rounds all over the virtual currency and technology world this morning and for good reason. This is a very, very big deal. Not just because some bureaucrat seemingly “legitimizes” the crypto-currency, but because it is the first commonsense approach from a major economy to-date.
Make sure to read the entire piece.