Australia keeps it up with Bitcoin
Australia brought some good news to the progressive financial tech world, which operates with crypto currencies. Australian government claimed that they are thinking about bringing status to bitcoin as official payment system. According to proposed official bill, bitcoin is recommended be considered as an equal payment type, same as regular currencies, that fall under the taxation law for goods and services. This is way different from the situation a year ago, when bitcoin was considered as a commodity, not as currency, what lead to a lot of disappointment from fintech companies, because of huge taxes, that as a consequence could be not so good for economy, because companies were thinking about moving to more “progressive” bitcoin friendly countries. But senator stated that he will change and adjust the crypto situation for good, to create pleasant environment for modern financial technologies.
Senator also concentrated on a statement that trust and confidence from local and foreign entrepreneurs in government will create welcoming environment for opening crypto businesses that will bring even more foreign developers. From all points of view, this is a big progressive positive step from government who listens to its people and businessmen specifically. The Committee received comments and suggestions from 48 companies, including from Ripple Labs, which cooperates closely with the Commonwealth Bank of Australia. In company’s statement was noted that the lack of common standards regulating the activities of crypto companies creates serious uncertainties for the industry of financial technologies in Australia.
Not only Ripple Labs (
https://www.ripplelabs.com/), but the developers of Atlassian (
https://www.atlassian.com) and senator himself admits that the creation of a united regulatory basement is the only way to stimulate the development of innovations in the country and create comfortable conditions for the opening of new startups. Nowadays, Australian regulators throw a monkey wrench not into bitcoin, but the whole section that wants and can progress in the country.
Despite the positive initiatives from the authorities, still a lot has to be done before bitcoin would be regulated like any other financial instrument by Australian Securities and Investments Commission (ASIC)
http://asic.gov.au/. Australia is trying to follow footsteps of Great Britain toward digital currencies, where Bitcoin is regulated like any other currency, but in the United States it is still treated as a commodity. Hopefully, there will be no problems with government officers, because world definitely needs more examples of flexible and progressive countries, like Australia meant to be.
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