Previously in Australia it was determined that Bitcoin was an intangible asset, but now the government is moving toward a position that Bitcoin and other cryptocurrencies should be treated the same as any other currency as far as Goods and Services Taxes are concerned. Local press outlets expect a Senate committee centered on digital currencies will make the recommendation in the coming days. Treating Bitcoin as a regular currency could have severe implications on the technology in some sectors, such as Bitcoin trading. Many viewed the previous position as an "intangible asset" to be a way for the country to […]
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