Bitcoin is in an awkward state in Australia. In the beginning, the country seemed to be quite open-minded to the idea of virtual currencies, and let things slide without any intervention. Later on, it was decided that Bitcoin would not only be taxable, but subject to additional taxation on top of the normal rate to boot. If that wasn’t enough, major Australian banks are no longer working with Bitcoin companies either.
Gauging everyday people’s interest about Bitcoin and digital currency is not as easy as it may sound. Not just because most people on the street have absolutely no idea as to what Bitcoin is or does, but also because it’s hard to put those results into demographics and statistics. Australia-based Fair Go Finance recently conducted a Bitcoin survey during “The Future of Money”, and these are their findings.
Running a Bitcoin exchange is a full-time job, especially when taking into account that you need to monitor platform’s security and offer customer support around the clock. You would almost start to wonder where exchange operators find the time to bring additional services or currencies to their platform, as well. Australia’s Independent Reserve is launching a multi-currency Bitcoin exchange soon.
Supporting both USD and AUD Fiat Currencies
Australia is not exactly open to Bitcoin, but neither are the country’s officials actively prohibiting use of Bitcoin and digital currency either, at this time. The main concern for any Bitcoin-related business operating in Australia and/or servicing Australian customers is the GST tax, which is as high as 10% on top of the total amount.