In 2008, a developer - known only under the pseudonym "Satoshi Nakamoto"- published the first whitepaper1 for the crypto-currency "Bitcoin", which has proven to be a highly volatile investment for currency speculators. The first currency-token2 is based on the blockchain - a distributed ledger technology.
On 18 September 2019, the previous German Federal Government presented its blockchain-strategy. Whether the underlying technology might be “The next big thing” or the marketability is overestimated due to "empty promises of 'techies' for unsolved problems" can be hardly answered. It is certain that the research and development potential is still immense.
Due to the technical complexity there is a legislative backlog for the legal classification of blockchain-based business models. The conclusion for taxation purposes of the literature are based on the subsumption of tax-relevant processes under the German tax codes and the published publications of the German tax authorities. In the meantime German tax courts published first decisions and the Act on the Introduction of Electronic Securities has come into force.