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1 sat \ 1 reply \ @_b_o_n_e_s_ 2 Feb \ parent \ on: Establishing a Circular Economy in Australia bitcoin
bitcoin is money, so there shouldn't be. it should be the same thing as business A getting paid some dollars then spending them at business B.
but that doesn't stop governments who do not understand bitcoin from coming up with dumb rules and regulations to try and prevent or deter that like it sounds has happened in Bali. I didn't know that and it sucks to hear
so guess im saying there may be some additional requirements but I don't know of them. I think tax would be main thing as its money. ATO has some info on its website, I think its mostly from POV that bitcoin is an asset so may not be too helpful.
I think Australian tax rules are that if you are acquiring and spending in short time frame, using it as money, then there's carveouts for any small modest cap gain or loss. Or maybe its small amounts. Not sure but would be worth investigating.
governments can't stop bitcoin though, over time more and more people will see that it's real money, which we havent had in a long time, and will opt in to its network. great stuff getting more people aware!
thanks man, yeah totally agree with you
we really shouldn't focus on negative stuff hey? human nature...
the protocol doesn't care :)
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