Additional GST For Bitcoin And Digital Currencies in Australia?
Australia has been one of the frontrunners in terms of regulating digital currency, which has proven to be a very difficult task if you want to do it properly. At the end of 2014, a decision was made to tax Bitcoin in such a way that a fee would have to be paid when sending funds to pay for goods or services, and another fee would be invoked for providing an intermediary service for customers. Needless to say, this upset quite a lot of Bitcoin enthusiasts and companies. Several Australian Companies Forced to Relocate Or Shut Down. As a result of that decision at the end of 2014, the....
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The Reserve Bank of Australia (RBA) will not intervene in oversight of digital currencies such as bitcoin at the moment, The Australian Business Review reports. In reply to an Australian Senate inquiry, RBA's representatives said in their opening statement that the limited use of the currency had no discernible impact on competition or risk to the financial system and that digital currencies represent a potentially important development. "Digital currencies represent an interesting development in the payments and financial system landscape," the RBA opening statement notes. "The concept of....
Reuben Bramanathan is associate counsel at Coinbase and Lecturer of Digital Currency Regulation at the University of Nicosia. He was involved with a number of submissions to the Australian Senate inquiry. Here, he explains the importance of the Senate Economics References Committee Report on Digital Currencies and what it means for bitcoin. The release of the Senate Economics References Committee Report on Digital Currencies marks the start of the next phase for bitcoin in Australia. The 74-page report, which is the result of 10 months of hearings, submissions and research by the....
Bitcoin has been quite the hot property in Australia over the past eighteen months, and it has caught the attention of the nation's financial regulators, as it has in nations worldwide. In Australia, in particular, Bitcoin is very popular. Just not popular enough to threaten the status quo, according to the nation's monetary policy regulators. Australian regulators: We'll let it go, for now. Dr. Anthony Richards is the head on monetary policy for the Australian RBA, their fiat currency central bank. He released a statement regarding the current stance of regulators towards Bitcoin: "Given....
The Australian government's online business information portal has published a 'Bitcoin for business' page to advise operators of their tax and other regulatory obligations. As well as a basic explanation of what bitcoin is and how it works, the business.gov.au page also features sections on accepting bitcoins, tax implications, risks, and paying employee salaries with digital currency. With headings like "What are digital currencies and crypto-currencies?", "How do I accept Bitcoin in my business?" and "Should I accept Bitcoin payments?" and links to more detailed information, the page is....
CBDC, also central bank digital currency, is a digital token issued by a country. Many governments and central banks around the world are exploring the use of CBDCs. Even though they mostly remain in the hypothetical stage. However, more than 80% of central banks are looking at digital currencies. The Reserve Bank of Australia announced […]