Bitcoin To Become ‘Just Like Money’ In Australia July 1

Australia  officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.In its budget summary  for 2017-18, the government states that as part of its plan to “make it easier” for digital currency businesses to operate in the country. It will ensure that nowhere in the supply chain is general sales tax (GST) paid more than once.“The Government will make it easier for new innovative digital currency businesses to operate in Australia.

Australia has had a troubled relationship with cryptocurrency regulation until recently. The decision to  double taxation originally caused several well-known operators to quit the country back in 2014, while innovation has subsequently lagged behind markets in which businesses have enjoyed greater freedom.Innovative fintech  involving Blockchain have surfaced this year, however, and the tone of the budget extract points to a desire to change Australia’s environment.“Innovation will drive productivity growth in Australia,” it continues.“The Government is committed to establishing Australia as a leading global financial technology (FinTech) hub and is announcing a new package that aims to position our local fintech industry as a world leader.”