A Local source in Australia including the Sydney Morning Herald report that Labor and Coalition senators have officially requested that the Reserve Bank of Australia legalize and adopt Bitcoin as an official form of currency.
BITCOIN DOWN UNDER
Labor senator Sam Dastyari and Liberal senator Jane Hume announced that their bipartisan push had crossed the political divide and awaits final approval from the country’s central bank. The two senators also told the Reserve Bank of Australia that the failure to acknowledge bitcoin as an official form of currency could severely damage the competitiveness of the Australian financial services industry.
“The question for Australia is are we going to follow or are we going to lead. We need to find a bipartisan way of doing this. We can’t compete with our Asian neighbours when it comes to producing cheap goods and services anymore. We can compete when it comes to financial services but that is going to mean big, bold decisions. This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap [for an Australian bitcoin blockchain] to occur.”“The question for Australia is are we going to follow or are we going to lead. We need to find a bipartisan way of doing this. We can’t compete with our Asian neighbours when it comes to producing cheap goods and services anymore. We can compete when it comes to financial services but that is going to mean big, bold decisions. This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap [for an Australian bitcoin blockchain] to occur.”“The question for Australia is are we going to follow or are we going to lead. We need to find a bipartisan way of doing this. We can’t compete with our Asian neighbours when it comes to producing cheap goods and services anymore. We can compete when it comes to financial services but that is going to mean big, bold decisions. This will be a revolutionary leap for the Reserve Bank and for Australian financial institutions, what we want to do here in Parliament is to create the political environment to allow that leap [for an Australian bitcoin blockchain] to occur.”
“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.
In the upcoming months, once the bipartisan proposal is approved by the government, bitcoin will likely be recognized as an official currency in Australia.
Visit my source on this link: https://themerkle.com/australia-may-fully-legalize-bitcoin-if-bipartisan-proposal-is-approved/?utm_medium=push&utm_source=onesignal&utm_campaign=traffic%20boost&utm_content=extended%20%traffic%boost
https://dcebrief.com/australian-senators-call-for-reserve-backed-national-cryptocurrency/
How this could impact the Bitcoin and the Cryptocurrency as a whole, recently the Japan legalize Bitcoin as a legal method of payment and now the Australia country will embraced our beloved Crypto. What are your thoughts about this? We have now seen the Bitcoin that hits $4,000 marks. This evolution that is happening right in front our eyes is really something not to be neglect. Please leave your thought in the comment section below...
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This is really good news! We need mainstream adoption of cryptos.
I feel really great seeing this news on my feeds! bitcoin will first land on the moon, Steem is on her way haha
Once bitcoin corrects I believe people will diversify and raise up altcoins. Steemit to the moon!
it would suddenly drop to 2700$ for correction, in my opinion
You think it will go that low?
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://dcebrief.com/australian-senators-call-for-reserve-backed-national-cryptocurrency/
They want our bitcoin taxmoney baby!
Oh, yeah, the only motivation of any government to legalise, is taxation. Look at the legalisation of medical marijuana in various US states. They are reaping huge tax payments.
LEGALISATION = REGULATION = TAXATION
Oh that didn't came into my mind thanks sharing
From your article, "...allowing digital currencies to be treated just like money for GST purposes."
GST - Goods and Services Tax
wow! really such a great news!!
We can only hope, but considering the country still has terrible internet access and the government shelved a national fibre optic network, sorry, it has been years since Australia has been known for innovation. Most of the talent leaves for overseas.
Mind you, they did invite Andreas Antonopoulos to speak before a Senate committee tasked with reviewing cryptocurrencies.
Who knows, miracles do happen... sometimes.
Hello hiro, great info! Australia has great potential por crypto currency, it's an advanced economy but far from the main finance hubs and crypto makes distance obsolete. My crypto investing strategy so far has yielded great results with minimum risks! Take a look, let me know what you think? https://steemit.com/bitcoin/@cryptoeagle/what-percentage-should-you-invest-in-each-cryptocurrency-to-become-a-millionaire-a-guaranteed-winning-strategy-updated-8-16-2017
Aussie aussie aussie!! Oi oi oi!!! I'm proud to be Australian
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STOPAs usual, Australia being awesome. I need to get back there and just stay for good.