Bitcoin Forum

This is a BIG one:

http://www.theguardian.com/technology/2014/aug/29/bitcoin-could-be-considered-legal-tender-australian-tax-official-says

You mean with specific regularizations.

As far as I know Bitcoin never was illegal in Australia.

Or I'm wrong?

legal tender, as in you can settle debts with it, like you would with AUD.

Nice!

Although this is the definition of legal tender, I would somewhat doubt that this would happen because of the fact that so many people (a smaller percentage every day) do not know what bitcoin is and a larger percentage (most people) do not know how to properly secure their bitcoin.

This might be a big change for bitcoin community.

It is. Bitcoin and crypto in general is gaining more attention that your average trader would know. A lot going on unnoticed.

That's not a reason for it not to happen.
This is the classic one: bitcoin can't be used until there is adoption; why adopt something that nobody uses?
It has to start somewhere.
Since when do people know how to secure their money (be it a CC or cash)?  ::)

I reckon its to do with tax.  ATO has come out with some guidelines already.  If its more legit, then the gov can get their cut.

Australia government is more progressive than China and US then.

If they know the tide of virtual currency can't be stop, they might as well embrace it and get some benefit from it.

As much as I feel this is a great thing for bitcoin I can't help but feel that the Australian Government may be doing this to try and make it so they can begin taxing it to make money off it. I really hope I am wrong though.

Its the same with cash.  Gov attitude is carrot and stick.  Here is your BAS, go and fill it out correctly.  If you don't and get caught...

Bitcoin: tax me if you can
Australia: no bitcoin without tax

That's another great step towards bitcoin promotion.

Long live Bitcoin! To the moon!

When was bitcoin illegal? :P

Anyways its good Bitcoin will be getting legal rights so people can sue someone in case of theft.

Government should be like this in the favor of its citizens,Implement,Utilize and Rise with the people for the People.

That would be great. Governments shouldn't impose any currency, every citizen should be free to use any currency as he likes.

Wow it is incredible
Australia is always on the head of good changes

Sounds like it might be heading in the right direction, one day....
If I had the option of paying for a train ticket with $ or BTC I would choose $$... I get it though.. BTC could be massive (for everyone else heh) if it goes ahead at some point... Things people only ever dreamed might come true.  

The next <3 years could be a wild ride.

*edit* Thinking about it.... Australia will do something to screw it up.. or make it retarded... :(

I hope not.

Bitcoin being legal tender would accelerate the demise of national fiat currencies. Either government doesn't notice it, doesn't perceive it as threat, or they will inject barbarian regulations to control and tax every Satoshi spend.

You can't be paranoid enough when it comes to governments...

ya.ya.yo!

Wow this is big, such a huge leap forward for bitcoin, if Australia does it I'd say more and more countries will follow :)

Wasn't Australia talking about banning Bitcoin?

That's why it's considered as one of the freest countries in the world. http://www.heritage.org/index/ranking

Australian governments viewpoint is:

http://www.business.gov.au/news-and-updates/News-and-features/Pages/bitcoin-for-businesses.aspx

"Businesses don’t have to accept payment by digital currency as it isn’t considered legal tender."

There you have it, it isn't legal tender.

CK

No way we can get full mainstream adoption without gov's wanting a piece of the action.  Other cryptos at a later date can be created to replace where bitcoin is at right now.  

I strongly agree

Hard to argue against this logic.

Governments will promote their preferred currency by accepting and paying in that currency, as well as only accept taxes in their preferred currency.

CK

I doubt that bitcoin would be taxed any differently then their fiat dollars are taxed (Australian dollars). Merchants would likely have the same obligation to pay the same sales tax on sales of goods and services. Employees would have he same obligation of paying income taxes on income. The only difference is the mode of payment.

Good news. There's a lot going on behind the scenes.

But it'd be much easier for them to not declare those sales, which is great for citizens and bad for the government parasites.

for me , it's not a good news . bitcoin doesn't need anyone's approval.