Australia Promises To Remove Tax On Bitcoin, Support FinTech Innovation (thestack.com)

Posted by timothy on Monday March 21, 2016 @01:25AM from the best-practices-in-tax-farming dept.

An anonymous reader writes: The Australian government has announced that Bitcoin and other digital currencies would no longer be subject to Goods and Services Tax, and regulations would become more lenient to support startups and entrepreneurs in the country. Treasurer Scott Morrison noted in a detailed policy statement that various new law proposals would see GST removed on Bitcoin, restrictions and tax barriers eased for venture capital investors, and a stronger focus on crowdfunding and peer-to-peer lending. The release detailed that reform in the area is crucial to 'assist Australia becoming a leading market for FinTech innovation in Asia.'

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More stupidity by BarbaraHudson · 2016-03-21 01:30 · Score: 1, Interesting

Bitcoin is not money. China controls the majority of bitcoin mining. This is not smart.

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