The Federal Financial Supervisory Authority (BaFin) of Germany has officially defined crypto as financial instruments. This will make it easier for those spending cryptocurrencies and will give some relief to businesses built around them.
Cryptocurrencies are now classified as the “digital representations of value” that have some characteristics like: Not issued or guaranteed by any central bank or public body, serve investment purposes and more.
I have always said that crypto is spreading like wildfire and will soon take over from fiat currencies as the internet continues to grow. Remember that the internet has made buying and selling possible from any part of the world which has eventually made the world a global village.