[2016-03-19] Australian Government Seeks End to Double Taxation of Bitcoin

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The Australian government has announced that it will back a legislative solution to tax concerns surrounding bitcoin as part of a broad policy statement on financial technology.

Under current tax guidance in the country, bitcoin is considered a form of barter rather than a form of money. Australian businesses must pay goods-and-services tax (GST) if they sell digital currencies, and can be liable for the tax should they receive them as payment.

http://www.coindesk.com/australian-government-seeks-end-to-double-taxation-of-bitcoin/

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[Kprawn]

I welcome the efforts to look for a solution to stop the double taxation of Bitcoin, but I am worried about this statement.. " For such a system to be resilient to systemic risk or

criminal exploitation, two levels of complementary regulatory approaches will be required: a high-level guiding legislative framework; and a set of agreed rules that determine the

operation of the algorithms encoded by the software.”

Would they favor the private ledgers of the banks, with more lenient regulations, to give them the edge over Bitcoin... If that is their goal, I will feel sorry for the AUS

citizens.