Topic: Legalization of Bitcoin in Australia - page 2. (Read 232 times)

I would argue that they have enough control though. Look at how China has crippled it. They didn't even need an outright ban. 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.

I would also argue that they don't need to legalize crypto to study blockchain technology itself. Crypto is just one of many applications. If anything, they probably want to study crypto itself.

It's not only the problem they have with bitcoin. Governments also doesn't like it's decentralization which they cannot fully control(which is the case for most countries). Although that is the case, I think those governments who are starting to legalize it(cryptocurrency in general) has the intent to study blockchain tech itself(Australia included) to use it in other fields as well and to not be left behind by others.

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.