Blueshyft and Bitcoin Australia partner to sell bitcoin over the counter at 1,200 newsagency shops
Access to bitcoin in Australia became far easier today, as a Melbourne-based startup, Bitcoin Australia, teamed up with one of the largest retail networks in Australia, Blueshyft. Anyone with some cash, a phone number, and an email address, can now purchase bitcoins over the counter at more than 1,200 retail locations. The process takes less than 30 minutes, using iPad-based terminals at newsagency shops nationwide.
Australian Treasury department calls for public comments to help classify digital currency
The Australian Treasury department recently released a discussion paper, “GST treatment of digital currency,” which asks for public comments on how Bitcoin and other digital currencies should be defined and taxed.
GST treatment of digital currency
The Government has released a discussion paper entitled âGST treatment of digital currencyâ. This paper provides background and questions for consultation on the potential approaches available to identify digital currencies in the GST law and change their GST treatment to remove âdouble taxationâ.
Blockchain developments at ASX
Blockchain developments at the Australian Securities Exchange (ASX) have graced media headlines over the last year, with many covering the recent partnership with Digital Asset Holdings.
Australian Government committed to ending bitcoin double taxation
The Australian Government recently announced it’s “committed to addressing the ‘double taxation’ of digital currencies.” Earlier in the week the Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia, reportedly stated that digital currencies, including bitcoin, will be exempt from Goods and Services Tax (GST) as part of changes intended to boost the fintech sector.
Amid declining revenue Australia Post considers using a blockchain for identity management
At the recent Australian Financial Review Business Summit in Melbourne, Australia Post Managing Director and Group CEO, Ahmed Fahour, revealed that his company is exploring using a blockchain to store identities for personal services. Citing that Australia Post already handles 90 percent of all Australian passports, he stated that identity services was one of the largest opportunities in e-commerce for the company.
Australian central bank could issue its own digital currency
The Reserve Bank of Australia has been talking about blockchain technology a lot lately and is working on its’ own digital currency to eventually assist with the fight against its’ national currency problems.
Ruling clarifies bitcoin taxation across Europe, while individual countries still struggle
Taxing the transfer of bitcoin makes the digital currency expensive to use. A new ruling from one of Europe's highest courts clarifies that bitcoin transfers should not be liable to Value Added Tax.
Australia Struggles To Balance Innovation And Bitcoin Regulation
The Australian Securities and Investments Commission believes blockchain technology has the potential to change the current financial system.
Digital currency – game changer or bit player
The inquiry was established to examine how best to define digital currency within the regulatory frameworks in order to support innovation and the needs of the growing Australian digital currency industry.
Australia Changes Bitcoin Direction
Previously the Australian government classified the digital currency as an intangible asset, driving business overseas. A new recommendation would remove a double tax situation, and brings regulation in-line with the UK.
Challenges for Australia’s Tax System
This report sets out the major challenges that confront the Australian tax system.
