This is really exciting news. Australia is a big country. How big? It is a continent. It gives you 2 soldiers a turn in the game of Risk. In fact if you hold Australia it could really help you win the match. And their dollar is as strong as the Canadian dollar is. Starting July 1st, 2017 the country will recognize bitcoin as currency. That means it will not be taxed when you buy and sell it on the market. And on top of that businesses of bitcoin will be protected by the government. Shit is getting real. This is good news for everyone in the cryptocurrency world as this further brings the currencies into the mainstream. There is also some other points to think about it.
The last country that did this was Japan. And what happened shortly after? There was a lot of bitcoin buying in the country and prices of almost all cryptocurrencies went up. Now Japan has a bigger economy than Australia: https://en.wikipedia.org/wiki/File:20_Largest_economies_pie_chart.pdf . According to this chart it is more than three times the size. But still, Australia is in the top 20 economies in the world. I am not saying there will be another crazy surge like the one we saw recently, it could be the opposite, but this does give it a chance to see some positive activity.
There is something else to consider. This makes two major countries who have now decided to treat bitcoin as money. What is to stop the third and the fourth. When something is proven to work in another country it gives you a framework to try it at home. The states is already trying for ETFs. Maybe this will help other countries to consider treating bitcoin as cash as well. And with each one that does, that is another country that has users buying and selling bitcoin, increasing the market on a global scale.
Go magic internet money.
Here is the ink for more info:
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
Australia does not have many citizens, but it is a great country and great economy. This is very important news.
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Maybe it is good news. But bitcoin has a lot of problems now. I see it as a user of it.
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Now we just need to get rid of the energy waste of Bitcoin. :D
Go Gridcoin and use the energy for science! (Or just don't use energy at all, since the chain moves per PoS)
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Isn't Australia having a war on cash right now?
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I like!!
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