Categories: News

Australia To Accept Bitcoin As Currency

Australia has made a major step in the process to declaring Bitcoin as powerful and established as a fiat currency. The Australian Senate Economics References Committee have been looking to alter their laws to make Bitcoin transactions as similar to fiat transactions as they can.48 organisations are also said to have submitted information to the committee. However the new laws do mean that the transactions will be taxed and put up against laws as with other fiat currencies. This has had many different views as some people believe that Bitcoin should remain tax free and free for all to use without laws whilst some believe that it is a step in the right direction and that with the addition of laws and regulation it will be regarded more seriously.

Their report concludes:”The committee is of the view that digital currency should be treated as money for the purposes of goods and services tax. As such, the committee recommends that the government consults with the states and territories to consider amending the definition of money in the A New Tax System (Goods and Services Tax) Act 1999 and including digital currency in the definition of financial supply in A New Tax System (Goods and Services Tax) Regulations 1999.”

Related Post

 This is a large change keeping in mind that only last year the Australian taxation office commented that Bitcoin is “neither money nor a foreign currency.”Although cryptocurrencies are still in their early stages, with Bitcoin further down the line, they are still valuable and should be taxed and kept in a similar position to fiat currencies such as the British pound, American dollar and the Indian Rupee. This means that the taxes put on Bitcoin will be used to add to Australia’s federal government’s taxation white paper.

 

The Australian Senate Economics References Committee’s ruling is predicted to be shown  later this week and is likely going to be similar to the UK’s laws on Bitcoin.”If it is defined as a global currency, this would be a positive step to encourage the bitcoin market to continue innovating,” said Coinjar chief executive Asher Tan. “The Australian bitcoin market will significantly improve.”

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

6 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

6 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

6 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

6 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

6 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

6 hours ago