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Author Topic: Bitcoin treated as money in Australia from 1. july  (Read 5693 times)
Tyrantt
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May 12, 2017, 11:59:07 PM
 #1

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
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May 13, 2017, 01:09:27 AM
 #2

Found an article to confirm this.

Quote
Australia Will Recognize Bitcoin as Money and Protect Bitcoin Businesses, No Taxes

Bitcoin will be treated as money in Australia by July 1, 2017, and will be exempt from goods and services tax (GST). Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms.

Over the past two years, the Australian Bitcoin exchange market significantly fell behind growing markets such as South Korea, Japan and South Korea, that control more than half of the global Bitcoin exchange market share.

Two majors factors which drove startups, exchanges and businesses dealing with Bitcoin and other digital currencies in Australia away from the country where the termination of banking services by leading Australian banks due to their anti-competitive nature and the double taxation of Bitcoin trading by the Australian government.

Starting July 1 however, double taxation and trading and goods and services taxation on Bitcoin will be exempted. In its 2017 to 2018 budget for “Backing innovation and FinTech,” the Australian government wrote:

Quote
“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST.”

The government will also protect Bitcoin businesses and exchanges

More importantly, the Australian government’s new vision to spur the growth of fintech and the digital currency market would most likely prevent local banks and financial institutions for unfairly denying banking services to Bitcoin businesses and exchanges.

If the above mentioned issues can be resolved by July 1, the Australian Bitcoin market could potentially experience a rapid growth in terms of user base and trading volumes. The document further read:

Quote
“Innovation will drive productivity growth in Australia. That is why the Government’s $1.1 bln National Innovation and Science Agenda (NISA) is designed to enable Australia to take full advantage of new economic opportunities. The Government is committed to establishing Australia as a leading global financial technology (fintech) hub and is announcing a new package that aims to position our local fintech industry as a world leader.”

At the Blockchain NZ conference held in Auckland, New Zealand earlier this week, Bitcoin and security expert Andreas Antonopoulos emphasized the Australian government’s uninvolvement in its local Bitcoin market and the impact of such actions on Bitcoin businesses and exchanges.

More to that, Antonopoulos criticized the local government’s taxation policy on Bitcoin, which essentially drove away businesses and users from Australia to other countries.

“Governments can choose to either do nothing – which is okay, make things worse for cryptocurrency trading – like what Australia did by imposing sales taxes on all cryptocurrency transactions, or they can make things easier for companies by reining in the banks and encouraging companies by creating a level playing field,” Antonopoulos said.

With Australia’s new policy, the Bitcoin ecosystem in the country could change drastically. Banks will start offering services to Bitcoin exchanges and traders will not be taxed with GST upon the purchase of Bitcoin.

https://cointelegraph.com/news/australia-will-recognize-bitcoin-as-money-and-protect-bitcoin-businesses-no-taxes

If this raises demand along with russia and japan recognizing btc as a legit currency, it could drive the base cost of btc even higher.

 Smiley

Here's another more mainstream source:

http://www.ibtimes.com/australia-japan-give-boost-bitcoin-price-which-surges-past-1800-2537349

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May 13, 2017, 01:42:12 AM
 #3

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?
This is incredible news, could we be seeing the start of the massive adoption by the public of bitcoin? I think the answer is yes.

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May 13, 2017, 02:22:15 AM
 #4

This is wonderful news. Along with Japan, Australia seems to be taking the lead in recognizing the potential of Bitcoin.
Other countries, who have adopted a wait and watch approach, could learn from Australia.

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May 13, 2017, 02:40:09 AM
 #5

THis is going to be great for Australia and all the bitcoin businesses that have a operation base in Australia because right now purchases of bitcoins are charged the GST which is a whopping 10%, something you don't want to be charged on on your money.

It's definitely going to drive up adoption in Australia as well, which is going to be amazing.

Good job Australia, i wouldn't be surprised if other countries follow suit as Australia and Japan are two of the most dominant economies in the world.


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May 13, 2017, 08:23:07 AM
 #6

This is a great news! I do believe that it is another opportunity to make it big in trading because within that July if it happens  as stated then we expect the price of bitcoin to pump up and we that have saving in bitcoin, it will be another opportunity to make profit.

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May 13, 2017, 08:36:23 AM
 #7

I want all governments around the world to do this because bitcoin is something that is unstoppable now and since governments will not be able to ban bitcoin completely, any wrong move would increase hidden usage of bitcoin and that would be serious trouble. Instead, if governments could cope up with this technology then it would be really helpful for the economies to grow as there will be more interconnectivity between the economies around the world.

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May 13, 2017, 08:48:11 AM
 #8

In as much as it is a good news to be heard in this time, but I still feel can bitcoin handle all this pressure by the time a lot of people start coming into it. Good the price of bitcoin will increase but what will be the effect on the transaction fees that will come with it or the number of hours that delay will occur in the process of making a transfer between a buyer and seller knowing fully well that once a confirmation does not happen then double spending can occur, won't this open another room for scammers to continue their exploitation of innocent people.

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May 13, 2017, 08:51:45 AM
 #9

Thats one of the history new in bitcoin because if Australia use bitcoin, adapt bitcoin, as payment or as money the bitcoin price will pump because many people there buy bitcoin because they use it to buy their needs everyday and to shopping and many more. And halving is happening in july10 and thats good for sure the price of bitcoin will increase or maybe it become $3000 or more. I hope many countrg also accept and use bitcoin.


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May 13, 2017, 09:17:23 AM
 #10

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

So then now AML laws will apply to those BTC users who move money around the network. Anyone whos constantly moving even the small amounts can be liable by law as money launderers. There are many ways your government can abuse this.
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May 13, 2017, 09:58:51 AM
 #11

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

Nice. This just proves btc is a growing physical asset. Well its better for them because they are considered a 1st world country and they wont be needing tax. But in some 3rd world countries where taxes is a way for the government to give back for the country then it would take long period before the start to recognize btc. Business firms may adapt it but it's not easy for government to input tax on it.

                                     
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May 13, 2017, 10:01:04 AM
 #12

This is just the start of many good things to come for BTC. just cant imagine when China, Africa and India will legitimize bitcoin. the price of 100,000 is very possible.

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May 13, 2017, 10:13:29 AM
 #13

Goodnews for all new coming bitcoin users and all users who been in bitcoins for a long time,see what happen after japan accepted bitcoin price pump due to increase in merchants which may also happen when it is launched in australia


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May 13, 2017, 10:30:46 AM
 #14

Great news and we will be expecting more soon. I hope my neighboring countries will officially accept too so I can just easily hop in.  Grin


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May 13, 2017, 10:36:34 AM
 #15

Holy ****!
Another one. Thanks for this update will be reading it later.
This is one big leap for bitcoin again.
What will be its impact with bitcoin value? That is one good question when this news spreads out.
Bitcoin holders might tighten their wallets into not spending even just a satoshi because of this great news.
There will be a lot of demands when the news spreads in Oceania too. People will be buying and might want to hold some too.
This is really a great year for bitcoin.

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May 13, 2017, 10:37:28 AM
 #16

I've just read that Australia will start accepting bitcoin as a currency from July 1st. Also allowing bitcoin to be integrated better into the economy and offers no tax on it. Anyone else read about this?

Are you sure you read correctly? Accepting bitcoin as just a currency simply means that transactions using bitcoin from that point onwards will simply be taxed once, and not twice that it has currently been done for most bitcoin transactions.

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May 13, 2017, 01:38:47 PM
 #17

I initially thought that Australia will decide the fate of bitcoin on July 1, I may have misread it. And if this true, then bitcoin price will have new ATH everyday. Grin moving forward.

This is really a very very good news for all bitcoin enthusiast out there. We now have the backing of 2 economic progressive country now. Bitcoin is truly transforming and changing the economics globally. Maybe some of those that predict the bitcoin price of $5000-$10000 will be realized sooner than we think.
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May 13, 2017, 01:45:42 PM
 #18

Whoa, first Japan, and now Australia? Now let's see if the price don't spike high. Governments surely took notice of the developments in bitcoin and decided they want to have some fun as well. That's why they are starting to come up with these regulations, maybe they're anticipating increased use in the future. This also will make it more familiar and trustworthy for regular people, making increased adoption a self-fulfilling process.

Governments would still definitely benefit without the tax. They'll probably get something from the exchanges anyway, not to mention money  would likely flow into their economies.
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May 13, 2017, 01:49:07 PM
 #19

good news and gladly i know about this news so we can see more country that will use bitcoin and will be integrated with the economy of the country. i think in the near future, there are more country that will approve bitcoin so many people will use bitcoin and spread about bitcoin in many places.

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May 13, 2017, 01:53:19 PM
 #20

This is great news however it doesn't mean as some people think that merchants will necessarily accept it. This will only happen if there is demand from the public for them to accept it. And I fear this will be hampered by the scaling issues currently affecting bitcoin.

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