Stay blessed, thursday morning,bounties beyond measure.
Bitcoin, the digital currency, is an anonymous, peer-to-peer, global network that has attracted billions of dollars of investment, making it the most popular and secure payment option in the world.
In a country of less than 3.4 million people, the Bitcoin tax has been levied by the Australian government in order to fight money laundering.
While there are no official figures for the Bitcoin taxes collected, the Australian Tax Office says they range from a small amount to hundreds of thousands of dollars, depending on the jurisdiction.
In the United States, it is a $100 fine, while in New Zealand it is up to $600.
The US and New Zealand have already made major changes to their tax laws and their bitcoin-related businesses have received increased scrutiny, with the US Treasury Department announcing it will be asking financial institutions to report their customers’ transactions to the US government.
In Australia, there are few restrictions on bitcoin transactions, and it is estimated there are thousands of people who have invested in Bitcoin.
Australia’s central bank has said that it is aware of the increasing popularity of the virtual currency, but it has no plans to introduce a tax on it.
What you need read: How to stay ahead of the cryptocurrency apocalypse