“We are at a tipping point right now. It’s making a lot more sense for some type of digital cash in the system, that not only saves our government money, but also is a lot more convenient and secure for individuals to use”
If it aint truly anonymous and untraceable we shouldn’t get hoodwinked into believing it is cash. Paper cash would be the last barrier to fiat confiscation via negative interest and coercion to spend.
In a way, I wish we would have called the oil of SAFE an Safeasset rather than a coin, ignoring the fact of lower marketability.
The Australian Tax Office on Bitcoin:
It is branded as a digital currency and contains the word “coin” but, according to a new Australian Taxation Office ruling, the bitcoin will be considered property.
A bitcoin transaction was akin to a barter arrangement, whether conducted online or in brick-and-mortar shops, and therefore had similar tax consequences, the ATO said.
The ATO’s view is that bitcoin is neither money nor a foreign currency and the supply of bitcoin is not a financial supply for goods and services tax purposes," it said. "Bitcoin is, however, an asset for capital gains tax purposes