#Bitcoin
Regulation likely to increase crypto-currency momentum
Is regulation positive for the crypto market?
Is your business the victim of cryptojacking?
Cryptojacking – where cybercriminals hijack CPU power and electricity from unsuspecting computer users to mine cryptocurrencies – can cripple a company’s network, increasing their costs and reducing productivity, warns Fernando Serto, Head of Security Technology and Strategy at Akamai Technologies (APAC). “The idea behind crypto mining on end user devices was originally conceived as a […]
Speculative demand driving up prices of digital currency but use as a payment remains limited
The use of digital currency for payments “remains relatively limited” while cash will continue to play an important role in society despite it’s declining use, the Reserve Bank of Australia told the House of Representatives Standing Committee on Tax and Revenue. In a statement delivered to the Committee, in relations to its inquiry into Taxpayer Engagement […]
Removal of double tax on cryptocurrencies said to support Australia’s own Silicon Valley
Legislation to remove double taxation on digital currencies, such as Bitcoin, has been passed by Australian Parliament, with fintech industry leaders describing the news as a win for consumers and businesses. The Treasury Laws Amendment (2017 Measures No. 6) Bill 2017 was tabled in Parliament, last month, by Treasurer Scott Morrison. He said the reform, which will […]
Coalition announces Bill to remove double taxation of digital currencies
The Coalition government has introduced legislation to remove double taxation of digital currencies, ensuring Australians will no longer be charged GST on purchases of virtual money, such as Bitcoin and Ethereum. The Bill will ensure that digital currency is treated the same way as physical money for GST purposes. Treasurer Scott Morrison said in a […]
Bitcoin ATMs to be rolled out across Australia
Australian ATM provider Stargroup has entered into a joint venture with blockchain technology company DigitalX to roll-out ‘two-way’ Bitcoin ATMs across its global network, commencing with Australia. At present, there are only 16 ATMs in Australia that can facilitate a Bitcoin transaction. A vast majority are one-way ATMS, meaning users can only acquire Bitcoin to […]
How blockchain will change the way small- to medium-sized enterprises carry out business
The increased use and application of blockchain technology is set to disrupt companies of all sizes, across all industries, and in almost every area, from payments and transactions to contracts and identity verification. Small- to medium-sized enterprises (SMEs) will not be immune to the disruption. Blockchain technology was created to facilitate online payments via a […]
WannaCryptor: what is it and how do you know if your business has been attacked?
Wreaking unprecedented havoc across more than 150 countries, WannaCryptor [1], popularly referred to as WannaCry, spread like wildfire on May 12th2017. By most accounts it impacted over 200,000 users globally, including the UK’s NHS and Spain’s Telefonica. Australia was not spared either, with at least twelve local businesses reported to have been impacted [2]. [Editor’s note: This is […]
How poor security could cost your business
Does you business have a spare $2.82 million? That’s how much you can expect to pay, on average, if your organisation falls victim to a data breach in Australia. Poor security is one sure-fire way to send your organisation into the red – or at least to the bank manager for a loan. Research by Ponemon […]
CoinJar tackles fluctuating Bitcoin prices
Australia’s largest Bitcoin company has introduced Hedged Accounts, giving users of Bitcoin the ability to peg the price of the digital currency against the fiat currency of their choice.
Bitcoin inquiry to be launched by Senate, GST under spotlight
The Senate’s Economic References Committee, chaired by NSW Labor Senator Sam Dastyari, will launch an inquiry into cryptocurrencies such as bitcoin.
Australia’s first bitcoin debit card
Australian startup CoinJar have unveiled the country’s first bitcoin EFTPOS card, which allows the digital currency to be be converted to Australian dollars and spent in virtually any retail outlet that offers debit card transactions.
Bitcoin: virtual currency, real tax
The Tax Commissioner believes bitcoin is not money or foreign currency and bitcoin transactions should be treated like barter trades, with similar tax results.
ATO decides Bitcoin is not real money
The Australian Taxation Office has dealt a blow to businesses capitalising on the growth in crypto-currencies like Bitcoin by finding virtual currencies should not be treated as money. The move has triggered a push back with digital currency advocates warning of reduced competitiveness, weakened innovation and a further assault upon Australia’s struggling start-up sector. In […]
ATO to give tax ruling on Bitcoin
The Australian Taxation Office is increasingly concerned at the growth in crypto-currency Bitcoin. It will soon release a ruling on how the digital currency is to be treated for tax purposes. The decision may have significant consequences on the usage of the currency in Australia. The ATO was initially unconcerned by the emergence of the […]
Entrepreneur takes a punt on crypto-currency
It was the thrill of creating something new that led Chris Guzowski to go into business for himself.
Bitcoin’s double-edged sword
Bitcoin is going mainstream. And soon it could be available an ATM near you, providing consumers with greater accessibility to the mysterious world of crypto-currencies.
Bitcoin in the sights of regulators
Bitcoin is making news again. Angry investors in the virtual currency are joining a class action to recover nearly US$500 million “lost” when Mt. Gox, a Tokyo-based Bitcoin exchange, crashed at the end of February 2014.