- “Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.”
- “In its budget summary for 2017-18, the government states that as part of its plan to “make it easier” for digital currency businesses to operate in the country”
[Editors Note: One of Bitcoins most important attributes is the fact that it is a global network and currency that completely bypasses the control and influence of individual nation states.
Because of this, like we have seen recently in the EU and now Australia; startups and entrepreneurs can continue to take advantage of regulatory arbitrage which should continue to put a cap on regulatory pressures from any one country, as these countries compete to attract the top talent.
This is one of the most important factors pushing back against the rhetoric and claims from the likes of Jamie Dimon that any one government can simply ban the use of this new technology]
A real test of this trend could come as governments become more desperate to support ailing fiat currencies and potential capital flight.
- “The Government is committed to addressing the ‘double taxation’ of digital currencies and will work with the industry on legislative options to reform the law relating to GST as it is applied to digital currencies”
Via Anthony Cuthbertson @ IBTimes.co.uk
“Bitcoin and other digital currencies will be treated the same way as traditional currencies under expected proposals from the Australian government, reports suggest”
“A Senate inquiry is set to overturn a ruling from the Australian Taxation Office (ATO) from July 2014 that classified bitcoin as an “intangible asset” for Goods and Services Tax (GST) purposes, according to the Australian Financial Review, giving a much needed boost to local bitcoin businesses”