Bitcoin Not A Currency, Says Australian Tax Office
Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
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