Bitcoin Set To Be A ‘Global Currency’ In Australia

[edward222]

Credit to: Tax News : Bitcoin Set To Be A ‘Global Currency’ In Australia

A new inquiry from the Australian government is looking to change current tax codes for Bitcoin in Australia. The initiative seeks to establish similar progressive standards in nations like the UK, Canada and Singapore, where Bitcoin is considered money.

Over the past year, bitcoin has become an increasingly popular commodity in Australia.

It is attracting business to the nation, and bitcoin ownership in Australia is among the world’s highest per capita, with 7 percent of the world’s bitcoin circulation running through the nation.

I just read this news, never thought that the
impact of Bitcoin in Australia will be this big.

[1715075239]

1715075239

[21coin]

How is taxation of bitcoin supposed to be a good news?

[edward222]

How is taxation of bitcoin supposed to be a good news?

I never said its a good news... 

[Amph]

well it could help adoption in australia, if people feel more secure when bitcoin is taxed, because they can provide something to their governments, and maybe seen bitcoin as a more legit method then why not?

as long as it can help bitcoin adoption it's a good thing, or you want bitcoin to be used by 3M people(which are 90% holders) forever?

[Dr Charles]

Credit to: Tax News : Bitcoin Set To Be A ‘Global Currency’ In Australia

A new inquiry from the Australian government is looking to change current tax codes for Bitcoin in Australia. The initiative seeks to establish similar progressive standards in nations like the UK, Canada and Singapore, where Bitcoin is considered money.

Over the past year, bitcoin has become an increasingly popular commodity in Australia.

It is attracting business to the nation, and bitcoin ownership in Australia is among the world’s highest per capita, with 7 percent of the world’s bitcoin circulation running through the nation.

I just read this news, never thought that the
impact of Bitcoin in Australia will be this big.

thanks for the article. I dont support the taxation of bitcoin but in reality, it will be neccessary for adoption on a larger scale.

[Sourgummies]

Was trying to think how Australia would be backing such a play and once you add in the taxation factor it makes more sense.
Nothing to lose really for them if bitcoin turns out to be a flop,but if it does move forward they are in place to make some money off it.
Australia does have some interesting ways of going about things and always interested in what Australia or New Zealand are up to when it comes to bitcoin.

Not for the taxation aspect to be clear,just a smart move on their part to get ahead of any potential wave.

[tommorisonwebdesign]

I say if they're taxing Bitcoin it does validate the currency as real money. I may not agree with the taxation of Bitcoin itself but I do see that if the Australian government is calling it real money it helps move adaptation along which will increase the price of Bitcoin. I'm in Canada and do not pay taxes on my Bitcoins.

[deisik]

I say if they're taxing Bitcoin it does validate the currency as real money. I may not agree with the taxation of Bitcoin itself but I do see that if the Australian government is calling it real money it helps move adaptation along which will increase the price of Bitcoin. I'm in Canada and do not pay taxes on my Bitcoins.

I'm afraid that it doesn't. All it does is legitimatize the profits obtained by means of Bitcoin (like selling real estate, for example)

[countryfree]

Let's not get too excited. This is only a proposal so far. Nothing has changed yet, but it's clear the present situation is bad, it cannot last. There's a double taxation for BTC right now in Australia. This prevents it from gaining popularity.

[chennan]

Imo, I believe that in the long run of bitcoin's adoption as an actual world currency... there has to be some small amount of taxation.  That doesn't mean necessarily that it's a bad thing though. If you think about it, taxation is good for your country to fund publicly used things such as roads, schools, etc.  Now we have to think, why does taxation have such a bad stigma about it now and days? 

Is it because:
1) The government takes too much/too little to help fund these things?
2) That taxation always gets skewed due to new presidents/elected officials with different political  ideologies coming in and influencing different tax codes?
3) That we as citizens can't exactly see how every dollar/pound/etc. is spent, and don't exactly trust how our government uses our collected money?

Personally I think it has to do with the latter, but it could be a combination of everything.  If we had a system (like the blockchain) that can ensure everyone, and prove in an instant where those funds are going to... wouldn't we feel a little better about our bitcoins being taxed? I would... but again, just my own opinion.

[wxa7115]

In my opinion this is similar to what happened with the prohibition of alcohol in the 20’s in the US, bitcoin has forced the hand of the governments in order to be recognized for what it is, money, and now the governments of the world are trying to make the best out of a bad situation(for them) and so they tax it.

[Q7]

I think the missing piece here is regulation. If some form of control was being put in place, people will start to see it as a currency being endorsed and accepted. And taxing it is one of them although i don't agree to it.

[Franciem]

nice news
i think now bitcoin price can move up again

any way i hope other big country will do like australia