problem being is the current and future bitcoin ecosystem is all about the money changes which kinda defeats the whole purpose of p2p currencies.
all the people behind the supposed btc business', VC projects etc are simply the new breed of try to be bankers.
what the aus gov wants is a piece of the action, and the like of aus btc groups are happy to play along to get more fiat.
p2p currencies should be completely indifferent to what any gov defines them as.
Topic: Australia Ready to Treat Bitcoin as a Regular Currency (Read 1617 times)
Its a good news for bitcoin community there. Actually I cant believe its government will treat bitcoin as its regular currency. I guess they maybe want to change their currency from AUD to bitcoin in few next years, so their currency could compete with USD, EUR, etc since bitcoin has higher rate exchange so far. Yeah I'm just guessing.
'Fraid you're all messed up.
the gov in oz is not even remotely considering treating bitcoin as 'its regular currency'.
all that's happening is what seems pretty obvious to me, to treat bitcoin as just like another international currency. Not a lawyer, and i don't know how it will pan out, but that would be the right direction to go ... if they have the balls to do anything at all.
There's zero chance they would change aud to btc.
The higher exchange rate has zero relevance as competitiveness.
Whew.
You got the point. The gov is too stupid if they replace their "main currency" with "alternative currency" which still a baby.
I can smell the possibilities of Bitcoin prices rise to the top 
and i can see rows of bitcoin ATMs on the street, with restaurant with "Bitcoin Accepted" Signs
Truly this is a good news for australians
I was actually thinking to move to Australia for college, anyone here for australia can tell me how it was
and i can see rows of bitcoin ATMs on the street, with restaurant with "Bitcoin Accepted" Signs
Truly this is a good news for australians
I was actually thinking to move to Australia for college, anyone here for australia can tell me how it was
Its a good news for bitcoin community there. Actually I cant believe its government will treat bitcoin as its regular currency. I guess they maybe want to change their currency from AUD to bitcoin in few next years, so their currency could compete with USD, EUR, etc since bitcoin has higher rate exchange so far. Yeah I'm just guessing.
'Fraid you're all messed up.
the gov in oz is not even remotely considering treating bitcoin as 'its regular currency'.
all that's happening is what seems pretty obvious to me, to treat bitcoin as just like another international currency. Not a lawyer, and i don't know how it will pan out, but that would be the right direction to go ... if they have the balls to do anything at all.
There's zero chance they would change aud to btc.
The higher exchange rate has zero relevance as competitiveness.
Whew.
You got the point. The gov is too stupid if they replace their "main currency" with "alternative currency" which still a baby.
Its a good news for bitcoin community there. Actually I cant believe its government will treat bitcoin as its regular currency. I guess they maybe want to change their currency from AUD to bitcoin in few next years, so their currency could compete with USD, EUR, etc since bitcoin has higher rate exchange so far. Yeah I'm just guessing.
'Fraid you're all messed up.
the gov in oz is not even remotely considering treating bitcoin as 'its regular currency'.
all that's happening is what seems pretty obvious to me, to treat bitcoin as just like another international currency. Not a lawyer, and i don't know how it will pan out, but that would be the right direction to go ... if they have the balls to do anything at all.
There's zero chance they would change aud to btc.
The higher exchange rate has zero relevance as competitiveness.
Whew.
Its a good news for bitcoin community there. Actually I cant believe its government will treat bitcoin as its regular currency. I guess they maybe want to change their currency from AUD to bitcoin in few next years, so their currency could compete with USD, EUR, etc since bitcoin has higher rate exchange so far. Yeah I'm just guessing.
Kind of a odd dance we keep getting with bitcoin,we want more people using but scared of the over handed government. Really hard seeing both sides having something that works for either party. Always a little paranoid about hidden agendas and the past has been steeped in them for any advancements.
BTCitcoin is the true and first crypto currency and has more big community than any other, that kind of news will bring more opportunities and that will be begging of new era many other govt official will think about BTCitcoin to use it as alternate payment method.
despite this encouraging news has not yet happened but at least it this issue indicate governments in many countries are beginning to see bitcoin as one of the alternative means of payment
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.
bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.
I also don't like massive amounts of regulation in Bitcoin but ask yourself, how are the mainstream going to adopt Bitcoin if it's not under regulation from the goverment? Unfortunately it seems it cannot happen any other way.
I would rather see them accept it as a currency, than having them ignore or ban it.... forever the optimist. 
They have effectively double taxed it, as it was, so this is a
huge step forward for them. A lot of innovation was squashed with their old system, and the benefits of using Bitcoin, was also negated by the double taxation.
Let's rather applaud the change and support this kind of regulation, if regulation by governments has to be applied. Australia has some great innovators, and this will boost
their economy since mineral prices are declining and they rely heavily on that to keep the economy oiled.
They have effectively double taxed it, as it was, so this is a huge step forward for them. A lot of innovation was squashed with their old system, and the benefits of using Bitcoin, was also negated by the double taxation.
Let's rather applaud the change and support this kind of regulation, if regulation by governments has to be applied. Australia has some great innovators, and this will boost
their economy since mineral prices are declining and they rely heavily on that to keep the economy oiled.
Nice! Good to see Australia doing the right thing, more countries should follow now.
The problem is this, will be that Bitcoins will be subjected to the same heavy taxes as normal Aussie
i hope not that will be a big help for the price to get higher but it will also force the the bitcoin user to stop using it because of heavy taxes
The problem is this, will be that Bitcoins will be subjected to the same heavy taxes as normal Aussie
this will be a big help in bitcoin community..
but it will be not exempted in tax of course..
that will be a big loss in goverment..
but it will be not exempted in tax of course..
that will be a big loss in goverment..
yes, this change is a huge benefit for the australian BTC scene. finally no more double taxation.
australia wants to be a part of the BTC economy
.
australia wants to be a part of the BTC economy
. 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.
bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.
No, this is certainly a good thing. When I originally saw this posted on reddit, someone else had a similar criticism. However, Bitcoin was originally labled as a commodity (or maybe it was material) in Australia, which meant any and all transactions were taxed, making day trading essentially impossible.
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.
but in Australia's case the copy comes from sheer laziness of the political establishment, which they get away with because of the apathy of the people.
don't get too enthusiastic but if banks and governments do that we be more in the cutting edge
Seems to be happening all at once with Countries. Colour me skeptical of any move that looks planned on a global front.
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.
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.
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.
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.
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.
bitcoin is just fast becoming a pseudo fiat, regulate it make it pointless is all gov plans.
Very good to see! Mainstream adoption is growing, now officially planning my next vacation for down under!
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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