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

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.'

Comments

Re:More stupidity

[PopeRatzo]

No less money then any of the rest of the fiat monopoly money people slave away for.

You don't know what a fiat currency is, do you?

Re:More stupidity

[codebonobo]

You are correct that we shouldn't conflate the two. Fiat money is a currency established by state decree and insured by the social contract imposed without agreement upon unborn taxpayers. Bitcoin isn't insured by the unborn tax payers within a geographic region but an international currency insured by the user base who voluntarily adopt it and can choose to leave or fork the currency into their own at any given moment. The two are radically different.