Digital Currencies Would Present Risks To Governments If They Remain Outside Of Regulation.
One of which is Australian’s House of Representatives Standing Committee on Tax and Revenue.
Speaking to the Sydney Morning Herald, Kevin Hogan, the member for the Division of Page in NSW and chair of the committee, said that digital currencies would present risks to governments if they remain outside of regulation.
Hogan believes that if the Tax Office embraces the blockchain, the collection and payments of taxes would be more efficient.
This announcement from Australia comes at a time when authorities recently made progress with its anti-money laundering (AML) and counter-terrorism financing (CTF) bill, which included bitcoin exchanges under the remit of Australian legislation for the first time.
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Governments worldwide will regulate all crypto-based transactions. It is just a matter of time.
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