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The Australian government has delivered on its longstanding promise to remove the double taxation of transactions involving cryptocurrencies like bitcoin.
For years, digital currency adopters in Australia were taxed twice for transactions, once for the goods and services tax (GST) on the product and again for the GST levied on the digital currency used for the payment.
“If you pay $4 in bitcoin for a coffee, you will pay 40c GST for the coffee, and 40c again for the bitcoin you used to pay for the coffee,” explained Daniel Alexiuc, CEO of Australian bitcoin startup Living Room of Satoshi, speaking to CCN in 2016.
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For years, digital currency adopters in Australia were taxed twice for transactions, once for the goods and services tax (GST) on the product and again for the GST levied on the digital currency used for the payment.
“If you pay $4 in bitcoin for a coffee, you will pay 40c GST for the coffee, and 40c again for the bitcoin you used to pay for the coffee,” explained Daniel Alexiuc, CEO of Australian bitcoin startup Living Room of Satoshi, speaking to CCN in 2016.
More of this story here...
The whole Bitcoin community should be happy that the authorities in the land down under seem to be supportive of Bitcoin and the cryptocurrency in general. In light of what is happening right now in China where the government is determined to isolate their citizens away from cryptocurrency (total ban for all citizens can be implemented soon), the positive developments in Australia can be described as the coming of fresh air. The effect of China right now is fading and the market is now almost ignoring whatever being brewed in that country. Let them go to hell.
Maybe it is time we focus our attention and time to countries that are friendly and supportive of Bitcoin and the blockchain technology it is representing. Aside from Australia, I am positive of the developments in India and in the whole continent of Africa. In the next few years, it will be Asia (including Australia) and Africa that will dominate the Bitcoin market.