[LINK] Bitcoin .. ATO's draft guidance

Brendan brendansweb at optusnet.com.au
Mon Aug 25 11:31:53 AEST 2014

On 25/08/14 01:27, Tom Worthington wrote:
> On 21/08/14 23:57, Frank O'Connor wrote:

>> And no government in their right mind is going to accord them the
>> status of a legal 'currency'. That power they will always prefer to
>> keep to themselves. ...
> Governments are not the only ones issuing currency. Private banks issue
> their own banknotes in Scotland and Northern Ireland:
> http://en.wikipedia.org/wiki/Banknotes_of_the_pound_sterling#Scotland_and_Northern_Ireland

Private banks have long played an important role in the issue of private currency.  However, when there's a run on them the whole system falls down.  Government reserved to itself the power to issue "currency" partly to protect investors against failing banks.

I find the categorisation of Bitcoin as an asset a little odd. Barter systems typically rely on things of inherent use value. I'd be intrigued to know where they locate it - ie a number -  for tax purposes.


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