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Bitcoin is here to stay. At least in Germany. Constance-based investment group XOLARIS has launched first regulated bitcoin (BTC) mining fund in Germany for international investors, according to the official announcement.

Founded in 2010, XOLARIS is a European-based investment group. It includes two service capital management companies with two HQ in Munich and Hamburg.

The CEO of XOLARIS, Stefan Klaile said professional traders were insisted to create a regulated product in the sphere of cryptocurrencies. With the new funds, XOLARIS wants to attract from $34 million to $57 million.

Moreover, the Head of XOLARIS said the bitcoin farm would be based in Sweden due to the country’s climate and, honestly, not only.

Previously, the Government of Germany concluded it didn’t see cryptocurrency as a threat to financial stability and there’s no need to levy tax on it. Swedish data centers may become very attractive for Norwegian cryptocurrency miners due to the current changes on the electricity tax field.

It’s also worth noting that Norway in its state budget for the next year has cancelled preferential conditions for the cryptocurrency mining industry. Thus, from January 2019, crypto miners will have to pay at standard rates.

Earlier, Chief Economist at UBS Paul Donovan said crypto money was “fatally flawed,” and that the current situation with the cryptocurrency market was typical for a “bubble.”

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