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#AustralianTreasury To Study #CryptoTransactions

Bitcoin study

In an effort to understand and explore the possibilities presented by the innovation of #bitcoin and its underlying #blockchaintechnology , the #Australian Federal Treasury will team up with #Data61 , a research unit of the #Commonwealth to study bitcoin transactions in the bitcoin economy.

Data61, a research unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) will join the Australian Federal Treasury and an undisclosed number of other government agencies in a nine-month study to understand the bitcoin blockchain. As detailed by CCN....

This also comes as the Australian Government moves to reduce taxes on the crypto currency with cointelegraph explaining more:

For a month starting May 3, The Treasury of the Australian government will be accepting submissions from interested parties to comment on a newly-released discussion paper entitled ‘GST treatment of digital currency’ as part of the 2016-17 Budget.

The Treasury says the government has realized that consumers are ‘double taxed’ when using digital currency to purchase anything already subject to GST – Goods and Services Tax. It added that this treatment may be preventing the use of digital currencies and hindering their further development....

....Stefan Hajkowicz, a member of the Data61 Fore-sighting Team stated:

Blockchain is certainly an example of a technology that has the potential to disrupt or change the way not only financial services transactions are carried out, but also those across virtually any other sector, including government.

With all these developments happening in Australia it could lead to the Country becoming a major #Fintech destination and #cryptocurrencies in general becoming more widely used as a form of currency.

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