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Author Topic: Bitcoin treated as money in Australia from 1. july  (Read 5722 times)
Aventhe
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August 17, 2017, 08:21:46 PM
 #141

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?

Wow, this is certainly good news. However, I have also not been able to find any official statements about this from any major websites or government release papers. If this is true, it is certainly a good thing to be done and I really hope other countries will follow this example.
It certainly looks like the world is changing towards a unified currency that can be used across all countries, and changes like this are the first piece of the puzzle to making this come true.

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August 17, 2017, 08:37:16 PM
 #142

Wow, this is certainly good news. However, I have also not been able to find any official statements about this from any major websites or government release papers. If this is true, it is certainly a good thing to be done and I really hope other countries will follow this example.
It certainly looks like the world is changing towards a unified currency that can be used across all countries, and changes like this are the first piece of the puzzle to making this come true.
That is because Bitcoin is still no legalized in Australia and we can still only speculate of the final term of legalization.
I've searched to see if there are any solid sources of info about Australian Legalization and it seems that this article is the best clue we have:

https://themerkle.com/australia-may-fully-legalize-bitcoin-if-bipartisan-proposal-is-approved/

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August 18, 2017, 03:19:52 AM
 #143

Bitcoin accepted not by a country but by a continent is really a big news for bitcoin. Australia has a very good economy and it's effect on bitcoin is going to be very positive. All their neighbor countries will surely follow this trend.

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September 28, 2017, 11:09:15 AM
 #144

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
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September 28, 2017, 11:26:33 AM
 #145

I have some friends from Australia and for them it is very convenient for them to use bitcoin to do transaction and buy things from small amount of stores in their country and that is why people are getting more into bitcoin because of that ease in doing things. If other countries will do the same then they might experience the same result.

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September 28, 2017, 12:06:33 PM
 #146

Yes,bitcoin would be treated as money in australia.The government had announced that it would do all things to make easier for digital currency businesses to operate in australia.Australians were paying two times taxes for bitcoin when buying in a exchange and when buying any products using bitcoins.Now,government has announced that there is no need to pay taxes when buying bitcoins from an exchange or trading platforms.It has decided to take steps to prevent local banks from denying banking services to bitcoin businesses and exchanges.Such steps would definitely help for progress of bitcoin related industries in australia.
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September 28, 2017, 01:44:40 PM
 #147

As more and more countries start to embrace the digital age we live in it will be even easier for bitcoin and other coins to emerge to the forefront. Old paper currency has to change and with that will come a change in the way we control our own currency

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September 28, 2017, 02:06:47 PM
 #148

As more and more countries start to embrace the digital age we live in it will be even easier for bitcoin and other coins to emerge to the forefront. Old paper currency has to change and with that will come a change in the way we control our own currency
I hear news like this constantly but no real steps for the legalization of bitcoin there. In fact, governments are not profitable to legalize cryptocurrency. They don't know how to take taxes from the users but it does not recognize it. That's their whole insidious psychology. Bitcoin is the people's property and legalization can only do harm.

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September 28, 2017, 02:19:08 PM
 #149

Wow, this is certainly good news. However, I have also not been able to find any official statements about this from any major websites or government release papers. If this is true, it is certainly a good thing to be done and I really hope other countries will follow this example.
It certainly looks like the world is changing towards a unified currency that can be used across all countries, and changes like this are the first piece of the puzzle to making this come true.
That is because Bitcoin is still no legalized in Australia and we can still only speculate of the final term of legalization.
I've searched to see if there are any solid sources of info about Australian Legalization and it seems that this article is the best clue we have:

https://themerkle.com/australia-may-fully-legalize-bitcoin-if-bipartisan-proposal-is-approved/

I think this article is good as well:

https://www.ft.com/content/4cd5cc3c-8309-11e7-a4ce-15b2513cb3ff?mhq5j=e5

I don’t think we can just speculate on the outcome. What seems to be happening is that there has been a proposal to regulate cryptocurrencies, especially to fight money-laundering, and the it still has to pass some legal steps.

The proposal comes from the Liberal and Labor parties and there is nothing in the articles that makes me think it won’t be finally approved. However, I don’t know much about Australian politics so I don’t know if it is enough with the votes from both parties to pass all the stages.
It would be interesting if someone from Australia could enlighten us. Anyway, we will know in the future.

As more and more countries start to embrace the digital age we live in it will be even easier for bitcoin and other coins to emerge to the forefront. Old paper currency has to change and with that will come a change in the way we control our own currency
I hear news like this constantly but no real steps for the legalization of bitcoin there. In fact, governments are not profitable to legalize cryptocurrency. They don't know how to take taxes from the users but it does not recognize it. That's their whole insidious psychology. Bitcoin is the people's property and legalization can only do harm.

I think both articles make pretty clear that there are real steps for legalizing bitcoin there.

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September 28, 2017, 02:32:53 PM
 #150

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

Digital or Crypto currencies, as a payment method, is a great tool to achieve financial independence and freedom and creates tremendous and efficient opportunities for both service providers and clients. So Australia negotiate the use of electronic payment since the first quarter of the actual year. The announcement was made on the 14th of September, with the situation changing in China since then, but this is one of the first countries to accept digital currency payments and it might be a world first.
It comes after more than 1,200 Australian newsagents began accepting eth and bitcoin payments, with the conservative government tabling a bill to remove double taxation of digital currencies retrospectively from July this year.
That has seemingly led to increased adoption in the wealthy island nation as they look to encourage blockchain innovation and fintech companies.
Now you can buy beers with bitcoins in Australia. Just check this meetup announcment: https://www.meetup.com/fr-FR/BitcoinSYD/events/140424112/?eventId=140424112
Australia leads the world to the future  Wink

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marjoree
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October 05, 2017, 09:08:37 AM
 #151

Wow! This is totally cool. One of the great news. This is another milestone for Bitcoin. Regarding this, it could be a way for advertising to other country that allowing bitcoin means that the capability of paper money could be done with this too but more accessible Smiley

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