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The government of Australia is eyeing crypto traders as it establishes a taskforce to ensure tax compliance.
If there’s one thing that’s near and dear to the hearts of national governments, it’s taxes. The gathering (and spending!) of revenue is what keeps the wheels of government turning. Of course, some cynical folks would say spending taxpayer money ensures that palms are greased and votes are bought.
No matter the case, governments frown at any attempt to circumvent paying taxes, which is where cryptocurrency comes into play. Australia is the latest country to begin working on keeping a closer eye on crypto transactions for tax purposes.
Many countries have shied away from cryptocurrencies and even clamped down on trading and using them. These tend to be the more authoritarian nations such as Russia, China, and Indonesia. Japan, conversely, is embracing the blockchain revolution with open arms and even has a group known as the Virtual Currency Girls who are attempting to bring more awareness to the masses.
Bitcoin is considered legal tender in Japan, the world’s third largest economy. According to JPBitcoin.com, almost a third of all BTC transactions during December were denominated in Yen. In complete contrast to China and South Korea that want more regulation Japan passed a law in April last year legalizing and legitimizing digital currencies and underscoring the need for transparency and financial stability.