Australia Ready to Treat Bitcoin as a Regular Currency

[ikydesu]

After ruling Bitcoin as an intangible asset just a year ago, the Australian Senate Economics References Committee now feels that Bitcoin should be treated as a regular currency for Goods and Services Tax purposes. This is due to many emerging enterprises leaving Australia for other countries with more progressive cryptocurrency regimes.

It will be great for the next step of bitcoin for bright in the future.


Source: http://insidebitcoins.com/news/australia-ready-to-treat-bitcoin-as-a-regular-currency/

[Jorge320]

Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

[kelsey]

its a huge negative step for any crypto enthusiast, gov don't do such things for cryptos benefit.

bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.

[aso118]

The opportunities for trade, investment, high salaries and world-leading skills are far more important [than any potential loss of revenue], and I urge the states to work with the Commonwealth to make what amounts to simple change," Labor Senator Sam Dastyari, told the publication.

They seem to be looking at what the effects of classifying it as a currency/ intangible asset are, rather than trying to find out what Bitcoin fundamentally is. Wrong approach, I would think. I wouldn't complain, if they classified it as a currency and then stuck to it.

[harrymmmm]

Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

Color me doubtful that anything original will come from australia. Up until 50 years ago it's politics and legislation was copied from the UK, and in the last 50 years they have copied from the USA.

[pitham1]

Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

Color me doubtful that anything original will come from australia. Up until 50 years ago it's politics and legislation was copied from the UK, and in the last 50 years they have copied from the USA.

It is better to have good legislation, rather than original, but bad legislation. As long as they realize what is best for their country, nobody can fault them for it.

[Sourgummies]

Seems to be happening all at once with Countries. Colour me skeptical of any move that looks planned on a global front.

[tonycamp]

don't get too enthusiastic but if banks and governments do that we be more in the cutting edge

[kelsey]

Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

Color me doubtful that anything original will come from australia. Up until 50 years ago it's politics and legislation was copied from the UK, and in the last 50 years they have copied from the USA.

It is better to have good legislation, rather than original, but bad legislation. As long as they realize what is best for their country, nobody can fault them for it.

but in Australia's case the copy comes from sheer laziness of the political establishment, which they get away with because of the apathy of the people.

[jeffthebaker]

its a huge negative step for any crypto enthusiast, gov don't do such things for cryptos benefit.

bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.

No, this is certainly a good thing. When I originally saw this posted on reddit, someone else had a similar criticism. However, Bitcoin was originally labled as a commodity (or maybe it was material) in Australia, which meant any and all transactions were taxed, making day trading essentially impossible.

[LiteCoinGuy]

yes, this change is a huge benefit for the australian BTC scene. finally no more double taxation.

australia wants to be a part of the BTC economy  .

[xhoneyael]

this will be a big help in bitcoin community..
but it will be not exempted in tax of course..
that will be a big loss in goverment..

[worldinacoin]

The problem is this, will be that Bitcoins will be subjected to the same heavy taxes as normal Aussie

[xhoneyael]

The problem is this, will be that Bitcoins will be subjected to the same heavy taxes as normal Aussie

i hope not that will be a big help for the price to get higher
but it will also force the the bitcoin user to stop using it because of heavy taxes

[EurGold]

Nice! Good to see Australia doing the right thing, more countries should follow now.

[Kprawn]

I would rather see them accept it as a currency, than having them ignore or ban it.... forever the optimist.  They have effectively double taxed it, as it was, so this is a

huge step forward for them. A lot of innovation was squashed with their old system, and the benefits of using Bitcoin, was also negated by the double taxation.

Let's rather applaud the change and support this kind of regulation, if regulation by governments has to be applied. Australia has some great innovators, and this will boost

their economy since mineral prices are declining and they rely heavily on that to keep the economy oiled.   

[AtheistAKASaneBrain]

its a huge negative step for any crypto enthusiast, gov don't do such things for cryptos benefit.

bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.

I also don't like massive amounts of regulation in Bitcoin but ask yourself, how are the mainstream going to adopt Bitcoin if it's not under regulation from the goverment? Unfortunately it seems it cannot happen any other way.

[Kaneki]

despite this encouraging news has not yet happened but at least it this issue indicate governments in many countries are beginning to see bitcoin as one of the alternative means of payment

[amiryaqot]

BTCitcoin is the true and first crypto currency and has more big community than any other, that kind of news will bring more opportunities and that will be begging of new era many other govt official will think about BTCitcoin to use it as alternate payment method.

[Sourgummies]

Kind of a odd dance we keep getting with bitcoin,we want more people using but scared of the over handed government. Really hard seeing both sides having something that works for either party. Always a little paranoid about hidden agendas and the past has been steeped in them for any advancements.