Bitcoin Set to Become a ‘Global Currency’ in Australia
A new inquiry from the Australian government is looking to change current tax codes for Bitcoin in Australia, which are proving to be controversial and counter-productive, hurting businesses and growth. The initiative seeks to establish similar progressive standards as in nations like the UK, Canada, and Singapore, where Bitcoin is considered money. Bitcoin regulation has been, and will continue to be, a hot topic as it continues to gain momentum and interest in personal and corporate finance, worldwide. This issue has been a main focus of the Australian Senate over the past year, as....
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For a month starting May 3, The Treasury of the Australian government will be accepting submissions from interested parties to comment on a newly-released discussion paper entitled ‘GST treatment of digital currency’ as part of the 2016-17 Budget. The Treasury says the government has realized that consumers are ‘double taxed’ when using digital currency to purchase anything already subject to GST – Goods and Services Tax. It added that this treatment may be preventing the use of digital currencies and hindering their further development. Jennifer Dudley-Nicholson, National technology....
Australia will take the driver’s seat in setting a uniform approach for the development of blockchain standards globally. The International Organization for Standardization (ISO), widely regarded as the primary global standards authority has approved an earlier proposal [PDF] put forth by Standards Australia – the country’s national standards authority – that sought to develop uniform global standards for blockchain technology. The ISO agreed to appoint Australia to lead an international technical committee that will now build a uniform approach to the technology. In its initial proposal,....
The United States, where Bitcoin was born in practice if not byinvention, and China are the established market leaders in Bitcoin investment, accounting for about two-thirds of the trading at exchanges worldwide. Their two currencies, the Dollar and Yuan, handle the vast majority of the global transactions as well. Meanwhile, the most talked about and burgeoning Bitcoin market in 2014 has probably been "The Land Down Under." Now the Bitcoin's effect on Australia has been quantified with impressive results. Australia and Bitcoin: Is This Love? Recent estimates show that Australia manages 7%....
Creating international blockchain standards will not be an easy feat. Australia is poised to lead the international discussions, as they will act as secretariat of a technical committee. The country has proposed this committee to the International Organization for Standardizations, which approved the idea. But what does all of this even mean for blockchain and cryptocurrency enthusiasts? Global Blockchain Standards Are Coming. Standards Australia is the group that will lead the charge for establishing international blockchain standards. Dr. Bronwyn Evans, CEO of Standards Australia,....
Australia’s standards authority, Standards Australia, has asked the International Standards Organisation, commonly known as ISO, to commence work on setting global standards for blockchain technologies. Geneva-based ISO, the international standard-setting body that is widely recognized as the foremost global standards authority is being called by its Australian member to set up global standards for blockchain, the technology that underpins Bitcoin. Standards Australia is one of over 160 national standards organizations that the ISO recognizes as members and representatives from around the....