Bitcoin treated as money in Australia from 1. july

[roomfirst]

That's a big news for bitcoin. More countries that notice bitcoin will make the price of bitcoin become increase again and it will make other countries to think about bitcoin too. I also read that there is also no taxes for bitcoin.

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[onrise]

This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .

[Cazkys]

This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .

It's very a good sign and I think it's not just Australia that has adapted Bitcoin. Japan already started and China I think is starting for there own cryptocurrency. So why not, this is the new digital goods and a good thing to mine for there country. And in time I could see other countries making there own crypto currency and when that time comes most goods are now available online and transaction will go into the deep web that is untraceable.

[AK47-]

This is good sign for Bitcoin as an particularly because many countries are still not able to treat and find the actual how to use Bitcoin. Well Australia decision may come as a boon for many country users who are looking to explore more other alternates in form of this currency . This will help other countries also to formulates rules and regulations as what Australia government has done for Bitcoin .

It's very a good sign and I think it's not just Australia that has adapted Bitcoin. Japan already started and China I think is starting for there own cryptocurrency. So why not, this is the new digital goods and a good thing to mine for there country. And in time I could see other countries making there own crypto currency and when that time comes most goods are now available online and transaction will go into the deep web that is untraceable.

Yes, the best part is many countries who are still unsure about bitcoin can know more through the outcome of bitcoin adoption in Japan and Australia at national level. I am sure the outcome will be positive which will make many other countries to think about bitcoin adoption.

[pinkflower]

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.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan

I still can't grasp how this would actually facilitate Bitcoin adoption

Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?

Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.

Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin.

Its not good to assume. Its better if everything was based on facts not opinions or assumptions. But I agree with you that you that it needs more time.

[deisik]

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.

They can now tax people who are getting income from Bitcoin transactions in a form of income. I am sure that people in those nations mentioned are required to declare all the income they got the previous year and that can definitely include Bitcoin when bought and sold. Japan, South Korea and this time Australia would benefit most with this development. And, of course, we can see spikes on Bitcoin value soon as we already experienced it now because of Japan

I still can't grasp how this would actually facilitate Bitcoin adoption

Okay, as I got it, the Aussie government decided to cancel some tax called GST (short for goods and services tax) levied on bitcoins bought and sold starting 1st of July this year. That would allow to avoid double taxation, that's nice indeed. But Australia is a small country in terms of population as well as economy (compared to Japan, EU or US), and they are cancelling something which other countries simply didn't have right from the start (say, the EU). So how is that actually going to help Bitcoin apart from the usual hype and hysteria which typically come along with such events?

Another question is do people in Australia really use BTC for goods and services for it to matter? I dont think they care about BTC apart from the speculaton most people in the community do.

Well they defined it as "digital currency" by the Australian government. So I think bitcoin will fall in this category. That's why they will remove the double taxation on "digital currency". So I'm assuming Australians are using 'digital currency" to purchase items online. Its only more than a month from now before we see what the effects of Australian embracing bitcoin

And what makes Australia different from other countries?

Especially those countries which didn't have these "double taxation" issues right from the start. The EU economy is times greater than the economy of that country and they always treated Bitcoin as just another currency, but somehow we don't see Bitcoin real trade booming in Europe. So why should that happen in Australia? The price will likely continue to surge but that would be mostly thanks to typical hype rather than real adoption of Bitcoin between merchants in Australia or elsewhere

[Pab]

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?

Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there

[Mbokani]

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?

Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there

What does it really mean,what connection does this have anything related to China,did they regularize bitcoin,if so i have not heard about that.The only Asian country that made bitcoin legal is Japan and so is the reason we are seeing a rally in price with other positive news and bigger investments.It good to see more countries accepting bitcoin.

[bohr]

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.

Bitcoin slowly but surely is becoming more accepted as time passes, and I have no doubt this is just the beginning two countries on two different continents have approved bitcoin, 4 more to go.

[FlightyPouch]

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?

Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there

What does it really mean,what connection does this have anything related to China,did they regularize bitcoin,if so i have not heard about that.The only Asian country that made bitcoin legal is Japan and so is the reason we are seeing a rally in price with other positive news and bigger investments.It good to see more countries accepting bitcoin.

I think these explains the crazy pumps that is been happening lately. I think more and more countries will be accepting these digital currencies, who wouldn't want a good way to rise their economy right? I just hope it will not have any negative results from these decisions. We all know that there are always abusive people who will take advantage of these situation.

[tigershark]

This may be why the price of bitcoin is rising so much right now. I wonder if they treat other cryptocurrencies the same way.

[Sled]

I also read the news about this and i think this is the start of the golden age of bitcoin because the countries around the world are starting to notice bitcoin as a money and also a good currency and they are now doing some great action like fully adopting it to their country and for sure those australian countrymen are so happy especially those who have bitcoins because they can finally spend it on the physical store.

[reuschman]

Wow. That's a great news for Bitcoin user. This is the starting of Bitcoin, hopefully, this process will be continued and so many countries will adopt Bitcoin as a money.
Today or tomorrow it will bring an evaluation regarding money sector, I'm eagerly waiting for that day..

[bohr]

I also read the news about this and i think this is the start of the golden age of bitcoin because the countries around the world are starting to notice bitcoin as a money and also a good currency and they are now doing some great action like fully adopting it to their country and for sure those australian countrymen are so happy especially those who have bitcoins because they can finally spend it on the physical store.

I agree, this seems like the beginning of a new era for bitcoin, finally it seems we are going to get our wish, the mass adoption of bitcoin and with it the price is going to skyrocket as well.

[Invester]

I thought it already started there in Australia weeks ago. Well at least during the actual date of implementation we will be expecting another rise of prices.

[Siren]

I thought it already started there in Australia weeks ago. Well at least during the actual date of implementation we will be expecting another rise of prices.

It will start on July 1 mate. Although Australians are also into bitcoin past years I believed and embracing it will just put another approval from the government regarding the actual used of bitcoin. This is really a good news for everyone. A new cash will be going to the bitcoin ecosystem coming from the Australian markets.

[megynacuna]

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.

Even if the merchants would not readily accept it for their daily purchases of goods it can still be used to move huge sums of money out of Australia and vice versa. It'll better serve as a money transfer tool even if the scaling issues persist.

[stompix]

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?

Yes i know that from my Australian contact on Twitter.Great news Australia is much more related to China than to Westerness world.Maybe we will have another btc hub there

Australia is related to China? In which way?
Language... no it's English.
Politics... no , sorry no single party there.
Laws ... nope , western. Trade agreements again western world.
Religion, again nothing.

So what has Australia more in common with China than with Ireland or Canada for example?

[L00n3y]

This is a good news to all of us, because australia is not just a country, it is a continent. Imagine a land with a scale like that and has a roughly 24 million population in 2015 will accept bitcoin as a payment. The demand will increase and the price will rise. Its a sign that we will start storing more bitcoin.

[Kemarit]

This is a good news to all of us, because australia is not just a country, it is a continent. Imagine a land with a scale like that and has a roughly 24 million population in 2015 will accept bitcoin as a payment. The demand will increase and the price will rise. Its a sign that we will start storing more bitcoin.

Obviously, the demand will increased once Australia considered bitcoin as legal tender. Look what happened when Japan embraced bitcoin, the price is dump and reaching almost $3000 before its collapse to $2200, but it still good though. And when Australia enter by July 1, I hope we will see the same scenario. Japan and Australia are two different nation, we don't know how Australians will react to it. Of course we all hope that they will go crazy like what the Japanese did, but Australians have different cultures.  So it remains to be seen.