Australian Parliamentary Committee Shares Stance on Bitcoin
According to an Australian parliamentary committee, bitcoin is not a financial product yet. Based on their recommendation, the federal government should hold off on classifying cryptocurrencies as products that are subject to taxation. This parliamentary committee was created in October last year to investigate developments and applications of bitcoin and whether or not it should be covered in a range of regulatory issues such as taxation. However, the committee noted that bitcoin can be used for GST purposes. Bitcoin and Taxation. With that, the government could maintain its wait-and-see....
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