Australia Ends Double Taxation of Bitcoin, Cryptocurrencies
The Australian government has finally and conclusively
provided a legislative end to the double taxation of Bitcoin and other cryptocurrencies. The bill will retroactively be enforced to July 1 of this year, as had been promised earlier in the year. The bill ends the practice of taxing the purchase of Bitcoin and other cryptocurrencies, according to the Australian goods and services tax (GST). The release regarding the end of the double taxation standard included
the following:
“Currently, consumers who use digital currency can effectively bear GST twice: once on the purchase of the digital currency, and once again on its use in exchange for other goods and services subject to the GST. The bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes."
The current Australian government hopes that the bill will open doors for greater levels of Fintech investment into the country. As the Chinese government moves to crack down on ICOs and cryptocurrencies, the Australian government is seeking to embrace the sea change in the financial world.
First Bitcoin-Only Real Estate Transaction Completed in Texas
Use cases for Bitcoin have been popping up everywhere,
with new ‘Accepts Bitcoin’ signs on everything from coffee carts to retail stores in South Africa. These adoption cases are important as the continued use of Bitcoin will only increase the adoption and price cycle, commonly referred to as a Satoshi cycle. In a new and interesting twist, an entire real estate transaction has taken place via Bitcoin. In other words, you can now buy your house with Bitcoin…at least in Texas. The transaction was for the purchase of a newly built custom home, and the full purchase price was transferred to the seller/builder via Bitcoin. The seller then converted the coin into USD. The broker for the
purchase said:
"In all of my 33 years of closing transactions, I honestly couldn't have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US Dollars and the deal was done!”
The purchase of the home as an agreement between buyer and seller represents another step toward widespread acceptance of the currency. Other companies are seeking to use tokenization of assets to allow smaller-scale real estate investment via Blockchain technology as well.
Chuck Reynolds
Marketing Dept
Contributor
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