Australia’s Pro-Crypto Stance Continues as Politicians Invest in Bitcoin

Australia’s Pro-Crypto Stance Continues as Politicians Invest in Bitcoin

Australian politicians have publicly talked about their successful digital investments, as Australia continues to move forward with crypto friendly legislation.

New Political Blood Embraces Cryptocurrency

According to the Brisbane Times, two of Queensland’s legislators have publicly declared their cryptocurrency trading history as part of the register of members’ interests.

The register of members’ interests is a required listing of all properties, trusts, gifts as well as Union and party affiliations by members of Parliament. Newly elected Katter’s Australian Party Member Nick Damatto may be the first MP ever to list Bitcoin among his assets.

In an interview with Fairfax media, he talked about how he bought his first Bitcoin in October of 2017 for 5,000 Australian dollars. Watched it climb and peak at 60,000 and then drop after Christmas, he said.

“I think it’s worth about $20,000 Australian at the moment, which I think is a good investment, but it’s not at the heights it was at before.”

From the other side of the aisle, Labor MP Bart Mellish also declared a Bitcoin account among his assets in the registry. While former independent candidate Rob Pyne who served one year as a representative from Cairns has now turned his efforts toward full-time cryptocurrency trading, labeling himself the Crypto Guru.

Australia Embraces Crypto Technology

Politicians declaring their cryptocurrency investments are inevitable as more and more people become comfortable with the technology. The fact that the first reported two are in Australia is indicative of the countries pro-crypto policies.

In May of 2017, the Australian government made an important announcement in support of Bitcoin investors saying it would end double taxing on digital currency. Up until July 1, 2017, cryptocurrency users were being charged GST on the purchase of the currency and then again on its exchange for goods or services. Post-July, GST was no longer levied on the purchase side.

Unlike many countries, Australia is supportive of the new opportunities that crypto and blockchain technology are creating. As was reported in NewsBTC the Australian Securities and Investments Commission, or ASIC wrote in their ICO information sheet “ICOs have the potential to make an important contribution to the options available to businesses to raise funds and to investment options available to investors.”

In March it was announced that 1,200 newsagents around Australia would make Bitcoin and Ethereum available over the counter using Bitcoin.com.ua. With just a phone number and an app, people could buy either of the two popular cryptocurrencies while picking up a snack or the daily paper.

Though Australia doesn’t make the cryptocurrency market news as often as Japan or the US may in some aspects it is quietly leading the way in accepting and making accessible the new technologies.

25.03.2018 / 23:35 69
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