Bitcoin could be considered legal tender in Australia

[BTCevo]

Wow this is big, such a huge leap forward for bitcoin, if Australia does it I'd say more and more countries will follow

[cbeast]

Wasn't Australia talking about banning Bitcoin?

[Timetwister]

Wow it is incredible
Australia is always on the head of good changes

That's why it's considered as one of the freest countries in the world. http://www.heritage.org/index/ranking

[CliveK]

Australian governments viewpoint is:

http://www.business.gov.au/news-and-updates/News-and-features/Pages/bitcoin-for-businesses.aspx

"Businesses don’t have to accept payment by digital currency as it isn’t considered legal tender."

There you have it, it isn't legal tender.

CK

[BitCoinNutJob]

Regulate cryptos = tax cryptos

No way we can get full mainstream adoption without gov's wanting a piece of the action.  Other cryptos at a later date can be created to replace where bitcoin is at right now.  

[ecommerce]

As much as I feel this is a great thing for bitcoin I can't help but feel that the Australian Government may be doing this to try and make it so they can begin taxing it to make money off it. I really hope I am wrong though.

I hope not.

Bitcoin being legal tender would accelerate the demise of national fiat currencies. Either government doesn't notice it, doesn't perceive it as threat, or they will inject barbarian regulations to control and tax every Satoshi spend.

You can't be paranoid enough when it comes to governments...

ya.ya.yo!

I strongly agree

[CliveK]

Regulate cryptos = tax cryptos

No way we can get full mainstream adoption without gov's wanting a piece of the action.  Other cryptos at a later date can be created to replace where bitcoin is at right now.  

Hard to argue against this logic.

Governments will promote their preferred currency by accepting and paying in that currency, as well as only accept taxes in their preferred currency.

CK

[johncarpe64]

Bitcoin: tax me if you can
Australia: no bitcoin without tax

I doubt that bitcoin would be taxed any differently then their fiat dollars are taxed (Australian dollars). Merchants would likely have the same obligation to pay the same sales tax on sales of goods and services. Employees would have he same obligation of paying income taxes on income. The only difference is the mode of payment.

[Honeypot]

Good news. There's a lot going on behind the scenes.

[Timetwister]

Bitcoin: tax me if you can
Australia: no bitcoin without tax

I doubt that bitcoin would be taxed any differently then their fiat dollars are taxed (Australian dollars). Merchants would likely have the same obligation to pay the same sales tax on sales of goods and services. Employees would have he same obligation of paying income taxes on income. The only difference is the mode of payment.

But it'd be much easier for them to not declare those sales, which is great for citizens and bad for the government parasites.

[p2pbucks]

for me , it's not a good news . bitcoin doesn't need anyone's approval.