The Australian government has introduced a bill to put an end to the double taxation of transactions involving bitcoin. Bitcoin is not legal tender in Australia and it cannot be exchanged for cash or other forms of payment. Nonetheless, the local bitcoin industry and the wider digital currency ecosystem is certain to get a boost as digital currency transactions become cheaper and gain parity with fiat money transactions. The move still requires parliamentary approval, though the local bitcoin and wider cryptocurrency industry is likely to receive a boost as transactions become cheaper.
The Australian government has introduced a bill to put an end to the double taxation of transactions involving bitcoin. Bitcoin is not legal tender in Australia and it cannot be exchanged for cash or other forms of payment. The move still requires parliamentary approval, though the local bitcoin and wider cryptocurrency industry is likely to receive a boost as transactions become cheaper.