Australian Tax Office to release new Bitcoin-based regulations

Wednesday 11 June 2014 14:04 CET | News

The Australian Taxation Office (ATO) is about to issue regulations related to Bitcoin transactions and the implicit taxation principles, according to a Freedom of Information (FOI) document released by the news agency AM, reports.

The FOI documents show the Tax Office preparing to release the countrys first official ruling on how Bitcoin will be implemented and taxed in the Australian economy, the same source reports.

Moreover, one FOI document informs that given Chinas position of being in control of a large portion of the Bitcoin market, the country will be able to exert even more influence on global economies should the digital currency become mainstream.

The ATO says it will release its digital currency guidance by the end of the financial year (July 2013 - June 2014).

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Australia, ATO, Bitcoin, regulations, taxes, digital currency, crypto-currency, online payments, money transactions
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce