as a world leader. Bitcoin will be treated as money in Australia by July 1, 2017, and will be exempt from goods and services tax (GST). More to that, Antonopoulos criticized the local governments taxation policy on Bitcoin, which essentially drove away businesses and users from Australia to other countries. Banks will start offering services to Bitcoin exchanges and traders will not be taxed with GST upon the purchase of Bitcoin. 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. Receive funds to your bank account, e-wallet, in cash, or order a prepaid card to withdraw money at any ATM).
Read our guide on the best Bitcoin cryptocurrency wallets. Austrac is reportedly strict when it comes to willful non-compliance of its regulations, a philosophy that should boost confidence in Bitcoin as buyers will know that the authority will weed out the illegitimate players. However, one needs to zero in on a cryptocurrency exchange depending on several factors such as fees, convenience, withdrawal limits, verification requirements, anonymity, and payment modes. We believe founder and chief Rupert Hackett and the team at provide a platform that is a pure play twenty-first century asset class for digital cryptocurrencies in Australia. We already saw that Queensland has made an investment in a crypto start-up, but thats not an isolated case when it comes to government-sponsored adoption of Bitcoin in Australia. Sydney-based Bitcoin exchange Independent Reserve was getting around 100-200 new users on a daily basis back in 2017 when the favorable regulations came into force, free forex charts online handling as much as AUD4 million in transactions every day.