The Australian government has decided that Bitcoin will be recognized as a real currency from July. With this measure, the country wants to become a world market leader in the FinTech sector.
Australia has also recognized the potential of the digital and cryptography market and, as of July 1 this year, has allowed digital currencies such as bitcoin as real money. The decision, which has been integrated for the first time in this year's summary of the budget, is mainly aimed at pushing forward the FinTech industry in the country. From now on, customers can buy digital currencies or use them as a means of payment without having to fear financial disadvantages. With the new decision, double taxation of the digital currency is no longer necessary.
Will the decision be too late?
This has made Australia a bit difficult in recent years. Until now, the government had regarded bitcoin as the most familiar digital currency, rather than a product that is double taxed. It was not until 2014 that the Australian tax authority (ATO) rejected the proposal of the Economic Committee to view Bitcoin as a currency and not as a source of revenue. Not without implications: The financial burden frightened many FinTech companies, who prefer to settle in other countries such as the USA or Germany, where digital currencies have been recognized as a currency since 2013. This left the Australians a market with great potential.
Digital currency on the advance
Bitcoin was as much in demand as in the past months. In contrast to other foreign exchange, the digital currency on the stock market was one record high after another. Within the last two years, the Bitcoin course has grown almost tenfold. Not least, his value also surpassed that of a fine gold . The digital currency is based on the blockchain technology, which is also becoming more and more accepted. In this technology, data is stored not only on one server, but on all computers in a network. This is intended to provide a secure and counterfeit-free data transmission.
Independent of state and banks
The Bitcoin concept was originally developed in 2009 with the aim of creating a money system that is independent of the state and the banks and allows faster and more favorable transactions. In the course of time, the crypt diet rose strongly thanks to the strong demand from Asia. Nevertheless, the digital motto is not entirely free from criticism. In the past, Bitcoins has long been a means for criminals to run money laundering and drug trafficking. In addition, the Bundesbank advises to enjoy the digital currency with caution. It is a speculative object, the value of which can change rapidly.