Buy Bitcoins Australia: Bitcoin Deemed Regular Currency In Australia

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It?s now official, you can buy Bitcoins Australia! The Australian Senate has officially deemed Bitcoin (cryptocurrency) as a regular currency that will be treated the same way as traditional currencies under expected proposals from the Australian government!

Buy Bitcoins Australia! Your country now accepts then for normal use, so now you can benefit from the advantages of cryptocurrencies like Bitcoin with confidence.

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Buy Bitcoins Australia! Bitcoin Deemed Regular Currency By Australian Senate Committee

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What Is A Cryptocurrency? The Internet Of Money & Value!

You can also read my blog post ‘What Is A Cryptocurrency’ for further insight into the history of crypto and where it’s going with the second generation technology:

What Is Cryptocurrency? It’s The Future Of Money!

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What Is Cryptocurrency
What Is A Cryptocurrency
Buy Bitcoins Australia

Video Transcript:
Buy Bitcoins Australia! Hello everybody, this is Caleb Wright here with What Is A Cryptocurrency dot com, bringing you the latest in the global news for bitcoin and cryptocurrency.

Australia has deemed bitcoin regular currency. The Australian Senate has deemed Bitcoin a regular currency. And so now in Australia Bitcoin and other digital currencies are treated the same way as other traditional currencies and under expected proposals from the Australian government. The Senate inquiry is actually set up to overturn a ruling from the Australian Taxation Office from 2014 that classified bitcoin as a tangible asset under the Goods and Services Tax. This will give a much needed boost to local bitcoin businesses. Business that accept Bitcoin.

So according to the labor Senator Sam Dastyari he says “opportunities for trade, investment, high salaries and world leading skills are far more important than any potential loss of revenue”… to cryptocurrencies, he’d be referring to. “I urge the states to work with the commonwealth to make what amounts to simple change.” Then he says “Without a doubt the main benefit would be the confidence and certainty that removing a Goods And Services Tax will provide to our own digital entrepreneurs and foreign businesses who want to set up here. The Treasury Minister needs to work with the states to make the changes necessary to draw up legislation for the 21st Century.”

So the ruling from the Senate Economics References Committee into digital currency predicted to be tabled this week, but when it finishes, it will bring Australia in line with the United Kingdom in terms of it’s treatment of bitcoin. This will be beneficial to Australia because, the UK is benefitting quite a bit from their favorable treatment of bitcoin in that they have actually attracted quite a few new corporations and businesses to set up shop in their country including the bitcoin company ‘Coinjar’. The UK has an exempt value added tax which has attracted cryptocurrency companies and among one of those that brought their headquarters to the UK actually was Australia’s biggest bitcoin firm. Coinjar. So the UK actually attracted Coinjar from Australia because they had a better policy, so it obviously got Australia looking at this because they lost some revenue right there to the UK. So it obviously got them looking at how to that their treating bitcoin and change to be favourable for the businesses in the industry that are involved with cryptocurrency.

So the Coinjar Chief Executive Asher Tan says that “basically if bitcoin is defined as a global currency and cryptocurrency is defined as a global currency, this would be a positive step to encourage the bitcoin market to keep on innovating and the Australian bitcoin market will significantly improve just like in the UK”.

(I couldn’t fit the whole transcript, please watch the video for the rest!)

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