Crypto Cards Arrive In Australia. What Are The Tax Implications?
The ability to spend crypto as easily as one might spend traditional fiat currency has long been sought after by many. The rise of new crypto cards in Australia promises users the luxury of spending their digital assets as they would traditional currency. This could arguably close one of the last significant gaps between decentralized […]
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Australia Post has announced partnerships with Alibaba, the world’s largest e-commerce company and Blackmores, a prominent Australian natural health company to explore blockchain technology to curb the rise of counterfeit food sold in China. The joint endeavor will look to develop a blockchain platform to improve the traceability of food products, with Australia Post being a major exporter of food to China. In recent years, counterfeiters have notably targeted popular Australian export such as beer and wine, honey and cherries, nuts and health supplements, according to an announcement.....
One of several companies working to offer consumers a practical means of spending bitcoin at merchants not yet on the cryptocurrency train is Australia's CoinJar. The country's largest bitcoin-related company, they've just today released some additional information with reference to their bitcoin debit card. Dubbed the 'Swipe' card, CoinJar wrote Wednesday on their blog that they have released about a hundred of their bitcoin debit cards to individuals in their early access program, and they've provided some interesting details that should answer the questions of those interested in....
Australia's CoinJar has announced pricing for its new 'Swipe' debit cards, which allow users to load and spend funds from their bitcoin balances at any business in Australia's widespread EFTPOS electronic debit network. CoinJar, which launched the trial of its regional-first card product last week, is promising "no activation fees, no load fees, no conversion rates (subject to CoinJar Fair Rate policy), [and] no inactivity fees". Users will still face some costs, however. Ordering the card initially costs AUD$29 ($26). Additionally, cash withdrawals from ATMs on Australia's 'Redi-ATM'....
New GPU cards for mining are on the way, but the demand is too great. So, what are manufacturers doing to solve the shortage? The rise of cryptocurrencies over the past few months, especially with the onset of 2021, has certainly catapulted the crypto niche into the mainstream. While traders buy and sell and try to calculate how much this or that currency has grown by and as large investment funds predict that Bitcoin (BTC) will soon reach $100,000 per coin, big things are also happening in the crypto mining space.Miners in the largest pool, F2Pool, reportedly contributed to the recent....
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....