Bitcoin Company Living Room of Satoshi Closes in Response to Australian Government GST Ruling
The recent ruling of the ATO in Australia has led to a situation where users of Bitcoin and other Cryptocurrencies will effectively be charged a double Goods and Services Tax (GST) for buying and using Bitcoin and other Cryptocurrencies. In effect, what is happening is the user will be charged a 10% GST when purchasing Bitcoin from an exchange. Then when the same user goes to The Living Room of Satoshi or another Bitcoin and Cryptocurrency related business they are charged a 10% GST yet again. This situation has led to The Living Room of Satoshi shuttering its business as the new....
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There is still a few more days left for submitting comments to the NYDFS regarding the BitLicense, but for some Australian Bitcoin companies it is already too late. The Living Room of Satoshi has suspended all operations in light of the recent goods and services tax (GST) ruling on bitcoin. The Living Room of Satoshi was “a simple, secure way to pay your everyday Australian bills (electricity, rego, phone, credit card, etc) with bitcoin.” Unfortunately, under the new GST ruling, Living Room of Satoshi customers would be taxed once when sending funds to the company, and again when the....
Recently, a service called the Living Room of Satoshi announced reopening its doors despite the unfair Australian goods and services tax (GST). Bitcoin business are hit hard by the GST ruling, and Living Room of Satoshi announced prior that it was closing shop due to the financial regulation. The service provides Australian residents with a way to pay bills and utilities with bitcoin while utilizing BPAY, a popular universal bill-payment system that nearly every major business uses. Through Living Room of Satoshi, Australians paid $150,000 worth of bills using bitcoin.
Australian Bitcoin startupLiving Room of Satoshi has resumed operations following their closure in October. Using the Living Room of Satoshi website, Australians can use bitcoin to pay any bills that utilize BPAY, an Australian electronic payment system. According to the company, the service caught on quickly; the Living Room of Satoshi processed more than $250,000 in bills from its launch in May until its closure. Also read: UK Treasury Seeking Regulation Advice From Bitcoin Community. Bitcoin Company Living Room of Satoshi Resumes Operations. The Living Room of Satoshi was forced to....
Australia-based bitcoin startup Living Room of Satoshi, which allows customers to pay their bills in bitcoin, is now re-opening its doors following its sudden close last October in response to the country's sales tax rules. While the 10% GST (goods and services tax) on customers buying and selling bitcoin is still very active, the bitcoin industry has changed quite a bit according to the company's founder Daniel Alexiuc, thus giving him enough confidence that customers will once again be eager to use the site and take advantage of the company's offerings. Alexiuc states: "There are now....
With the integration of DASH, Living Room of Satoshi now enables Australian users to pay their bills with the 7th largest cryptocurrency. Bitcoin is not the only cryptocurrency of importance anymore. The altcoin revolution that followed Bitcoin, thanks to the open source nature of Bitcoin code is slowly catching up with mainstream economy. Proving it is the recent development involving DASH — the 7th largest cryptocurrency in terms of market capitalization. According to reports, DASH can now be used by Australian residents to directly pay their utility bills. The latest option is made....