Topic: Legalization of Bitcoin in Australia (Read 276 times)

same as dollars and other fiats, where a govt is also gaining profit thru foreign exchanges, it is empowering a state's reserves and monetary value versus other foreign currencies, it has big revenue which the govt are benefiting on cryptos, dominance and control are also one of the many benefits of legalizing cryptos, some countries even create their own cryptocurrency. because of the many uses of such.  

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

  The experience of Australia shows that the process of legalization and determination of the status of crippling goods is more beneficial for the state.
  The process of legalizing the bitcoin's status moves around the world. States one after another give the most famous cripple the legal definition, so as not to miss its chance to profit. Australia succeeded in achieving this. But not immediately. Since the Australians have blurred the benefits of cryptology and began to earn on the above operations or actively use them for private purposes - the state has been alarming. How is this - the budget avoids such precious tax revenues ?! It was at a time when the Australian Tax Office said aloud that the proceeds from bitcoin operations were to be deposited and paid in the accounting documents, while the cryptic currency in Australia was first officially recognized.


  In fact, the active process of entering the cryptography on the Australian market began in December 2013, when the chief regulator - Reserve Bank of Australia - recognized it legal.
  At the same time, Australia initially treated bitcoin as a commodity, and transactions with it - as a barter, and from them the tax on goods and services (VAT) was charged. Thus, the tax on cryptographic currency from Australians was charged twice - for the first time at the time of purchase, a cripple, and the second time - when using it as a means of payment. Such a mechanism has been criticized many times and in March 2016 the Australian government has promised to resolve this problem.
  However, only July 1, 2017, the Reserve Bank of Australia began to consider the bitcoin "as money," and introduced a bill designed to solve the problem of "double taxation" for cybercurrencies.


  Now, for Australian supporters of crippling, it should become the fact that henceforth, all revenues from operations with bitcoins need to be included in tax declarations.
  The Australian tax authority has announced that it will begin to tax bitcoin transactions already this year. Moreover, online currency will be taxed since its inception, which means that Australians may have theoretically been in debt to the fiscal service since 2009.
  The legalization of the cryptographic market also involves the creation of a so-called Digital Exchange Registry, which will be monitored by the AUSTRAC, the Australian Financial Intelligence Agency. For entry into force, the bill must also approve the two chambers of the Australian Parliament.

  However, at the stage of elaboration, the bill caused considerable criticism among users, as it is considered a violation of privacy and access to personal data. The operators of automatic machines, which can be used to pay bitcoins, which in Australia are no more than 20, are afraid that the initiative will lead to the termination of their divisions as they will not be able to provide the special bodies with the requested identification information.
  That is why today the issue of assigning bitcoin the status of legal currency is already formally discussed in the Australian Parliament. At the same time, they support him as representatives of the ruling party and the opposition.
  So, at the beginning of the year, the Australian government has allocated 350 thousand dollars. to develop blockade standards, and the Australian Securities and Investment Commission began to work with startups involved in developments in the technology of cryptology.

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

Of course this is not the time to prevent what they consider to be the main job of the last few years and it may be very bad if the government continues to do such silly things, people will not be able to easily erase what they have and I think so too. it is true their mistakes are slow in making decisions and now can not regulate thoroughly, and now not all countries can do it and will be far from their expectations.

but i think there is a big problem here. they acted too late!
if for example the country acted before the adoption took place then they could prevent it. but now that years of adoption has happened and there is a large number of their people involved in investing in cryptocurrencies, they can't prevent all of them from investing in it.
it is like they have tasted the potential and the profit of this market and it is not easy now to make them give it up.

This is a good news but i dont understand what is the problem with personal data, everything digital, you have to give your data for certain services and if someone want to harm you there is a Facebook example so, i think it is not a question of personal info, as long as they see only some numbers.

China thinks in terms of their mass. If they can prevent around 90% of the people from getting any type of involvement in crypto, that for them is the best possible outcome, and that's the only thing that matters.

The small percentage of people that can't be put to a stop would have done their thing anyway, and thus it's more like a form of collateral damage. It's a simple but yet effective measure to get what you want as government.

Also, if the other 10% is still involved in crypto transactions and whatnot, the government can be sure about it that most of this capital will remain in the country itself, which is another added benefit.

There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

Australia have more tourist a very years in their country, many people all of the world always visited Australia as their destination to vacation on holiday or they want to take loss their time to visit Australia. By accepted bitcoin to legalization as the payment system, it will make tourist will be easy to visit Australia. Their government have take great this moment to legalization of bitcoin as the payment transaction in their country to get many tourist every years.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.