Here are some BRILLIANT NEWS!

Bitcoin will be treated as Money from 1st July 2017 and will also be exempted from GST (goods and services tax).

Also, let me gladly inform you that the Commonwealth Scientific and Industrial Research Organisation (CSIRO) which is basically the Australian Government’s agency for scientific research has come to the conclusion that Blockchain technology will have an enormous impact their country’s economy.

Also, the traders and investors of Bitcoin will not be taxed for Bitcoin Buying and Selling on those exchanges as well as trading platforms which are regulated. The reason being the tough competition from Southe Korea and Japan which control over 50% of Bitcoin market.

The Australian Government stated in the 2017 to 2018 budget for innovation & FinTech”:
“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies 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.”

Guys what do you all think! Are you also thrilled by these news of huge leaps for the mass adoption of Bitcoin ?

Referenced Web Links and image sources:

https://themerkle.com/australia-to-accept-bitcoin-as-currency/

https://cointelegraph.com/news/bitcoin-to-become-just-like-money-in-australia-july-1

http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

https://forum.bitcoin.com/in-the-news/australia-sets-out-to-improve-regulatory-framework-for-bitcoin-and-fintech-t25089.html