Cryptocurrency traders need to pay taxes for capital gain according to the latest regulations issued by the ATO (Australian Tax Office). The tax authority is planning to create a task force specifically for fighting crypto tax evasion.
Cryptocurrencies like Bitcoin have hardly been “under the radar”. However, the buzz over the upcoming Libra may have brought it some unwanted attention. United States Federal Reserve Chairman Jerome Powell and President Donald Trump have called for more regulation of crypto.
Now the question is, how serious are they and how much can they actually do?
Morgan Creek Digital co-founder and popular Bitcoin bull, Anthony “Pomp” Pompliano, recently made a couple of big claims. First, Bitcoin will be at $100,000 within two years. Second, half of his net worth is in crypto.
Bitcoin is decidedly in what investors call a “bull market”.
Depending on your plans to invest, that can mean a number of things. That’s partially because of the nuanced nature of investment and speculation. It’s also partially because of the controversial idea of cryptocurrency as a speculative asset.
Sushi Planet’s locations in Adelaide and Modbury are enjoying a boost of publicity from a cryptocurrency-themed menu.
To commemorate ten years of cryptocurrency, the Reserve Bank of Australia has published a paper titled Cryptocurrency: Ten Years On. Authors of the paper are Cameron Dark, June Ma, and Clare Noon of the Australian Reserve Bank’s Payment’s Policy Department.
With Bitcoin continuing its upward trend, it can be hard for crypto advocates to understand why there are still doubters.
If you’ve been trading cryptocurrency recently, it’s time to start thinking about how it will affect your tax return. This is even more important now that the Australian Taxation Office (ATO) has declared that they will specifically target crypto traders.
Supporting Bitcoin can mean a lot of things. It can mean spreading awareness or just using crypto. It can mean buying and owning crypto. However, if you want to go above and beyond, you’ll have to put some cash on the table. This hasn’t stopped big investors. However, for the rest of us, putting much money into crypto development is simply not an option.
Third edition of Australia’s largest blockchain-focused event, APAC Blockchain Conference, is approaching. Between 21 and 23 July, thought leaders, regulators and innovative startups will share their expertise on all things blockchain.