An Australian tax official has said that virtual currency Bitcoin could one day be considered as legal tender in the country if it was to become more widely used by the public.
The official told the Guardian that Bitcoins are not currently classified under law as ‘legal tender’ making them more like a trading commodity than a currency.
The ‘coins’, generated by donating CPU power to data mine complex codes, are widely unregulated. As a result, transactions using the currency are untaxed – an issue governments worldwide are currently trying to address.
On Wednesday during an Australian virtual currency inquiry, Chris Jordan, the Read full story ›
Source: The Drum
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