Australia, Japan, Delaware (USA) All in Favor of Bitcoin with Law/Taxes
Australia
Since 1st July, Bitcoin is considered money - no more "goods taxes" on trading. It used to be double taxed, now we can expect more exchanges to pop up in this wealth part of the globe.
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Japan
Even thought Bitcoin became really popular and easily accepted everywhere form of payment there was still 8% Consumption Tax on every transaction. Now it has stopped due to Liberal Democratic Party which asked Japanese Finance Minister Taro Aso to stop this. Since JPY is already a huge volume price pumper now we can only expect to go higher in this currency.
Delaware (USA)
This is a place known for opening no-tax companies if you are not resident of USA and wont do business in USA. Now this state will allow trading of stocks on the blockchain. This means all incorporated companies there will be able to release shares as tokens on blockchain. Its supossed to get active on 1st August. Not all specifics are known yet.
Due to complex nature of legislations in this news if you have anything to add please leave info in comments.
Especially that those are new and posts are active up here for 7 days.
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I like to eat cheese.
I didn't really understood so that means government will now be able to tax on bitcoin ?
and the others criptocurrencies too ????
if is that so it would be a disaster
Do you know what does this mean @hannahlicious ?
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Im glad at least Delaware is jumping on board. If any state would start, you better believe it would be corporation friendly Delaware.... I was worried the United States was going to be stuck in the dust with the crypto industry.
Could Delaware become the new wall street? Very interesting!
Wow, that sounds like good news for crypto currency holders. Block chain will be widerly adopted for sure.
I hope bitcoin and other cryptocurrency stays clear from othee taxes. Government should not put their legs into it.
Btw thanks for sharing such a lovely post.
Keep sharing keep smiling
God bless you @kingscrown
Ha ha, how about No Fences Boulevard?
Good to know, I'm trading in Australia as well and purposely waited for EOFY to start trading crypto currencies, so this is useful to know!
The government seems to be slow on catching onto the latest trend. Anyway, I wonder how will they have the necessary tools and resources to enforce people to pay "taxes" on their bitcoins since everything is decentralized.
Isn't escaping from control and centralization the main reason why people are using bitcoins and other cryptocurrency?
Great point and totally agree.
It's also interesting to note that the ATO (Australian Tax Office), NSW Gov, and Vic Gov were all sponsors of the recent Consensus 2017 (Coindesk conference). Another thing is the ATO has made large investments in a blockchain company based in America with the aim of bringing blockchain technology to the stock market, which would reduce fees by the billions.
That's interesting too! I think I read something about another company bringing this technology to the stock market. I'm going to say Iconomi but I think that's more from a portfolio / fund management perspective though. Nevertheless super interesting concept. But back to ATO, you can clearly see the 'double interest' there as well, right? Whatever ATO can do ensure that gains are properly taxed is in their interests as well. It's one of the reasons I only started trading cryptos after the EOFY in the hopes that they will have some clearer guidelines come next EOFY on July 2018. Just thinking out loud, say you have a portfolio of all sorts of coins, which rate would you use to declare back in AUD? The average on an exchange? Hmmm, haven't really thought about this much yet. Anyways, thanks for your reply @crypto-ta!
Just wondering what you actually mean by "bringing blockchain technology to the stock market"
Are u referring to the blockchain being represented on the exchange via derivatives such as ETF's much like Mark Zuckerberg and mates intended to do on the US stock exchange?
Hi @speedie-s40r, sorry for the delay in response. I'm new to the platform and I'm still figuring out how I can be alerted when someone responds to my posts... As to your point, I was thinking about the introduction of smart contracts in trading stocks between traders, subsequently cutting out the middle man, i.e. brokers and their high fees. Makes sense?
Hi transptrader, thanks for getting back and answering my question. Should that happen the future of the block chain is looking very bright indeed. I'm new to this platform as well and tiring to learn how to navigate around it is taking a little time.
veritas veritaseum. up 5000% percent since may, this is the tech. jump on while you can.
the winner in that space is already on the market. veritas veriteseum.
nice post! Thank you
All i can say is Marty we have to go Back and buy
more BitCoin
<<<<<<<<
If only I could figure out a way to slap my self 4 years ago to buy some bitcoins smh lol
loool yeah we might have to ask Doc if he gives us his time machine formula to go
bak in time :)
SteemOn
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🚨 SCAM ALERT 🚨
Look up Nanohash on Youtube or google
Looks like a fraud
@Wiedy
nanohash still paying you are a spamer im just spreading a new mining cloud, its paying out so is not a scam if you can prove it is a scam give the info, not just writte on all my comments the same, i can do it back and flag you because its paying right now and is online http://nanohash.net
Do you mean I am a "spammer"? How do I spam if I am just commenting under YOUR spam?
I think Nanohash a scam because there is no real support on their site, they say the telephone number is coming soon, the registrated adress is a small landside in the UK, the server is in russia, there are numerous articles that users had a bad experience, they tell you min payout is 1$ and then they tell you its 20$ and you should mine more...
you just want people to use your affiliate link thats all!
Rant over @wiedy
indeed. they said that their datacenters are from russian federation iceland and germany, and so then why is paying out right now? scam is when someone invest and loss they are giving for free 15KH/s for anyone who wants to start a mining bussisnes, and they are paying out, look payout 0.420 BTC in 9 days, its my second day and look there are the double of new total users, im the 4325
https://www.nanohash.net/about
You Sir are straight up naive!
As you say you are there since two days and never got a payment!
They dont even tell you what coin you are "mining"
They claim to have paid out whopping 0.42 BTC thats not even 1500 USD haha; 12% interest per day 4500% annualy I mean come on man
I am not going to answer another time @wiedy out!
look, this is so fun cause i know that not a lot of users are using their acc to invest they only take the 15kh/s and anyways its running, so the 0.4 btc is the few payouts those are withdraws lol its your problem if you dont want to try it
Going in the right direction.
Title should be: "Governments want to rule over Us"
Too bad they can't control cryptocoins nor can they enforce taxation.
Sadly if they regulate the exchanges, and most are regulated already they can then have a great deal of control over Bitcoin as they can shut accounts down, prevent spending from certain accounts, Prevent you from cashing out and basically do whatever they want. It seems a lot of people store their Bitcoin and other cryptos on exchanges instead of using a cold storage wallet which puts them at the mercy of the exchanges and who ever regulates them, which seems to be the governments.
Good news, especially in japan ✍
It's great news for for Bitcoin. Hopefully Russia and India will follow the same path soon. Hope Bitcoin scaling issue gets resolved sucessfully