Skip to main content General Bitcoin Australia Fintech Today Australia is one of the biggest developed countries in the world, whose government is now fixed on becoming the global leader in the financial technology industry.Share Tweet +1First aboriginal people were believed to have traveled down to the coast of Australia, from the Indonesian islands, nearly 60,000 years ago.Today Australia is one of the biggest developed countries in the world, whose government is now fixed on becoming the global leader in the financial technology industry.Up until this moment, Australians who wished to trade or exchange first blockchain currency, known as bitcoin, were stuck paying double taxes on one transaction but these times are about to be done.We are going to let you all know about Australian governments plan of legalizing bitcoin.Bitcoin = Money In Australia Starting 1st Of July, 2017.Current Australian regulation on bitcoin was set in place in order to keep away money laundering and terrorism funding through this anonymous digital currency.

On top of robust and detailed verification processes there were a double taxation on each bitcoin purchase or trade.This type of ruling drove away many new bitcoin technology start ups to the other regions instead of sticking to their home country.Australian government has finally realized that there are better ways on how to fight the criminal activities than making innovative technological advancements hard to use to the local population.Australia will recognize bitcoin as money starting from July 1st of this year and there will be no taxes attached to any of the bitcoin trades or exchanges.Government will be researching the potential of blockchain technology instead of trying to limit its use, while same time being fixed on protecting all of the blockchain and bitcoin businesses.Easier Banking Regulations For Australian Bitcoin Exchanges The plan of creating a leading global fintech hub alongside with bigger awareness in digital currency market has come with many perks for the current bitcoin traders and enthusiasts.

There will be no longer any goods and services tax applied to bitcoin trades.Same time making it harder for banks to deny services to any of the bitcoin platforms, exchanges or individual traders.Australian government does not want to be restricting its population from benefits of innovation.bitcoins kurs liveThis is the main mentality behind removing any tax from bitcoin to enable blockchain-based businesses building their empire on this continent, which in result will support the productivity growth in the country.bitcoin for steam walletWith this new policy, ecosystem of bitcoin in Australia is expected to reach never seen heights before.bitcoin iframeGovernments action towards creating a secure and protected digital currency sector will bring new trust behind our beloved forefather of blockchain currencies and should result in even bigger monetary value per bitcoin due to the new regular users base which will be brought in from the legalization in Australian region.bitcoin 2018 prediction

Do you support Australian governments vision on bitcoin?Do you believe that bitcoin should be accepted as a currency worldwide or perhaps not?We are eager to hear about your thoughts in the comments below.Filed under: General, Bitcoin, Australia, Fintech Posts Comments Members Currently Active Users glasgow, BTC77, MJLIPSY, amine tab, Kobeskippy, ncurakovs, faran, GoldenFish, lionzeye, Heat, tpsmith812, mochi111314, Here2Play, irainman, Bytworld, Conway1169, JakeThePanda, Unrulysosa, FeelingLucky, Andrey2806, redfox369, neckbeard, froller59, Maxtheboy08, , Doody, jura1313, hyouka29, ruslan86, dandelion, yankani, Grenadir, Gobi, Seanny2012, BigThangz, ZeroToOne, BigBadMan, iRock, ipath, topsetpoker, ajtheman12, pres, Leshuq, Scottp118, cheliahorm, c_i_p_h_er_, hellcat12345, DiabloTMbitcoin achat franceBitcoin and cryptocurrencies should be recognised as normal currency for GST purposes, not an intangible asset as classified by the ATO, according to a Senate committee.bitcoin merchant growth

The Senate economics references committee today tabled its report into digital currencies like Bitcoin and their use in Australia following ten months of consultation.The inquiry focused on options for regulation of digital currencies, their potential to disrupt the financial sector, and the use of anonymous currencies for criminal ends.Importantly, the committee was also tasked with looking into the ATO's August 2014 guidance that Bitcoin and others would be treated the same as the tax office treats non-currency assets.It meant non-commercial trades would only attract a capital gains tax bill when they meet a $10,000 threshold.But it also meant individuals and businesses would be charged GST when buying digital currency, and businesses would charge GST when supplying it.Digital currency advocates raised concerns that by treating Bitcoin transactions as barter arrangements, GST would be applied twice in one transaction - to the goods/ service being provided and also to the supply of the digital currency used as payment.

While the Bitcoin community accepted its obligation to pay capital gains tax on investment profits, the senate committee said, its point of contention to the ATO ruling was that the industry was being rendered uncompetitive because of the additional GST being levied on it.The committee therefore today recommended Bitcoin and its ilk be recognised as a regular currency."The current treatment of digital currency transactions as barter transactions creates a double taxation effect that has placed an additional burden on Australian digital currency businesses," it wrote."The committee received evidence from the ATO advising that amendments to both the legislation and regulations would be necessary in order to change the current GST treatment of digital currencies."As such, the government should amend the definition of money in the GST Tax Act to include digital currencies, it said.Following 48 submissions from the likes of Westpac, the RBA, AFP and ATO, the committee said additional investigation would be needed before Bitcoin can be fully regulated in Australia.