Australian government to treat cryptos “just like money”

Australia Australia and Oceania

According to Australia’s budget summary for 2017-18, the country’s government aims to make operating a cryptocurrency business easier. To achieve that, cryptocurrencies will be treated “just like money” and avoid applying general sales tax (GST) more than once anywhere in the supply chain.

“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,” reads the announcement.

“The Government is committed to establishing Australia as a leading global financial technology (FinTech) hub and is announcing a new package that aims to position our local fintech industry as a world leader,” the document concludes.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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