While most governments today will scoff at the idea of considering bitcoin to be legal tending, Australia is closely monitoring developments in the growth of this digital currency.
And while they share the sentiments of other world governments in that bitcoin is not legal tender, they aren’t nailing shut the door on the possibility that it could happen in the future.
Speaking at an inquiry on Wednesday, Australian tax commissioner, Chris Jordan, said that bitcoin does not meet the current definition of legal tender, according to The Guardian.
That could change in the future, though, depending on whether or not this digital currency continues to fall into more and more hands around the world.
Jordan was quoted as saying:
[blockquote style=”2″]There’s a definition in the Tax Act of money. It’s got to be the legal tender of a country. We can’t say it’s money. If this grows more and more maybe the definition needs to change.[/blockquote]
Of course, we’re a long way off from this happening. Many people still have no idea what bitcoin is or does (despite hearing the world on television or seeing it in news headlines), and for it to be considered legal tender, it really must be ubiquitous.
Still, it’s interesting to see the tax commissioner acknowledge the potential for change here. Whether or not bitcoin ever becomes legal tender down under will just have to be something we wait for.
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“Whether or not bitcoin ever becomes legal tender down under will just have to be something we wait for.” –You are welcome to wait all you want. I myself don’t have any Bitcoin’s ‘IN AUSTRALIA’ per se and nor are they held in any other country specifically either. Something something blockchain. ATO’s posturing is sickening. They will like little sheeple follow what ever the US decides and vary and tactic their game as it goes along, according to where the money is. Just as they always do. But to CGT Bitcoin is akin to capital gains taxing the Mercado Oriental. Aww.. good luck with that then.