Australia takes first step toward Bitcoin as currency

Bitcoin

Feed-twFeed-fb

In a positive sign for financial technology startups, a government inquiry has set the stage for the digital currency Bitcoin to be treated like a regular currency in Australia.

A Senate Economics References Committee review into digital currencies in Australia has found they should be treated like any other currency for the purposes of the Goods and Services Tax (GST), the Australian Financial Review reported

The result is a rebuff to the position of the Australian Taxation Office (ATO), which ruled in 2014 that Bitcoin was "neither money nor a foreign currency" and was liable for the GST, as well as other taxes Read more…

More about Australia, Business, Startups, and Bitcoin

from Mashable http://ift.tt/1M1YBBs
via www.EliteLimo.co

The post Australia takes first step toward Bitcoin as currency appeared first on Elite Limo Blog.

from Elite Limo Blog http://ift.tt/1DmnjLA
via http://ift.tt/1cgcX3j

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s