Bitcoin continues to be a rapidly growing global phenomenon. Some estimates put the number of Australian Bitcoin users as high as 500,000. Although it is a relatively new concept, Bitcoin (along with other digital currencies) is changing the way that businesses and individuals transact in the global economy, both online and in the real world. Bitcoin is being used to facilitate electronic commerce, foreign exchange and international remittances in ways not previously possible. But what exactly is Bitcoin, how does it work, and what are the tax implications?
This event clearly explained the key aspects of the technology and the implications for businesses and individuals in Australia. Also covered was the ATO position in the recently released Bitcoin guidance and draft rulings.