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Topic: Australia Ready to Treat Bitcoin as a Regular Currency - page 2. (Read 1617 times)

legendary
Activity: 1232
Merit: 1000
Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

Color me doubtful that anything original will come from australia. Up until 50 years ago it's politics and legislation was copied from the UK, and in the last 50 years they have copied from the USA.

It is better to have good legislation, rather than original, but bad legislation. As long as they realize what is best for their country, nobody can fault them for it.
hero member
Activity: 576
Merit: 503
Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!

Color me doubtful that anything original will come from australia. Up until 50 years ago it's politics and legislation was copied from the UK, and in the last 50 years they have copied from the USA.
legendary
Activity: 1918
Merit: 1012
★Nitrogensports.eu★
The opportunities for trade, investment, high salaries and world-leading skills are far more important [than any potential loss of revenue], and I urge the states to work with the Commonwealth to make what amounts to simple change," Labor Senator Sam Dastyari, told the publication.

They seem to be looking at what the effects of classifying it as a currency/ intangible asset are, rather than trying to find out what Bitcoin fundamentally is. Wrong approach, I would think. I wouldn't complain, if they classified it as a currency and then stuck to it.
legendary
Activity: 1876
Merit: 1000
its a huge negative step for any crypto enthusiast, gov don't do such things for cryptos benefit.

bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.
newbie
Activity: 42
Merit: 0
Very good to see!  Mainstream adoption is growing, now officially planning my next vacation for down under!
hero member
Activity: 686
Merit: 500
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Quote
After ruling Bitcoin as an intangible asset just a year ago, the Australian Senate Economics References Committee now feels that Bitcoin should be treated as a regular currency for Goods and Services Tax purposes. This is due to many emerging enterprises leaving Australia for other countries with more progressive cryptocurrency regimes.

It will be great for the next step of bitcoin for bright in the future.


Source: http://insidebitcoins.com/news/australia-ready-to-treat-bitcoin-as-a-regular-currency/
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