Poked its nose below $9000:
No news but one wonders if the dream is not over here. Every decent rally is now met with the rapid descent of a rather sensible regulatory boot…
To wit, the ATO is coming for you, Mig:
The Turnbull government is investigating how it could tax digital currencies like bitcoin, as regulators around the world attempt to clamp down on the nascent technology.
Assistant Treasurer Michael Sukkar, speaking at a financial services briefing on Wednesday night, confirmed he was working through options with Treasury and the Australian Taxation Office.
“I have been informally working with people in Treasury and the ATO about how we characterise and potentially tax and treat cryptocurrencies,” Mr Sukkar said.
“Obviously there have been moves around a number of jurisdictions who have taken a relatively dim view of cryptocurrency.”
The assistant minister described the work as being “at the embryonic stage”.
“But I think, in the short term, the most important thing for us to do is to give some pretty good guidance, particularly through the ATO, on how we would treat these for tax purposes, for anyone who has potentially realised a gain in this financial year,” Mr Sukkar said. “As I keep being told, the gains were apparently very big.”
If BTC does not circumvent the current monetary and fiscal system then it has no purpose at all.
