Australia's government has introduced a bill that delivers on a long-standing promise to solve a "double taxation" problem for cryptocurrencies.
As it stands today, Australians are potentially liable for goods-and-services tax (GST) when they either purchase or spend a cryptocurrency. This state of affairs has been the target of criticism from the country's local bitcoin community, and in March 2016, the government announced a plan to resolve the issue by removing the tax at the time of purchase.
The government explained:
The measure was framed as part of a wider effort to promote financial technologies in Australia, including its homegrown cryptocurrency ecosystem.
"The Bill will make it easier for new innovative digital currency businesses to operate in Australia, as the government takes action to boost jobs and wages."
It's not immediately clear when the bill will be brought up for debate and potential revision. Australia has a bicameral legislature, meaning that both chambers would need to approve the legislation before it could advance and become national law.
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