What you need to know about cryptocurrency and tax
The rapid rise of cryptocurrency means many Australians now either invest in bitcoin and other cryptocurrencies or use them as a convenient way to pay for goods and services. But what happens on the tax front when your cryptocurrency portfolio suddenly pays big digital dividends? CoinJar co-founder and CEO Asher Tan explains the key things you need to know. Cryptocurrency use has grown exponentially in the last two years and Australians have embraced cryptocurrencies as a way to spend, send and trade money from anywhere in the world. Today Australia is the world’s 11th biggest market for bitcoin volume. It comes as no surprise, therefore, that governments around the world […]
A long-secret Bitcoin key is about to be revealed
A long-held bitcoin secret is about to be revealed. No, it’s not the identity of Satoshi Nakamoto, it’s a private key the cryptocurrency’s creator entrusted to several bitcoin developers that activates the protocol’s so-called “alert system,” once used to flash a text warning to those running the software in case something happened that could impact the security of their funds. If you didn’t know bitcoin had a warning system like this, that’s because it was retired in 2016 due to security concerns and frequent confusion about its use. “The alert system was a frequent source of misunderstanding about the security model and ‘effective governance,’” well-known Bitcoin Core contributor Greg Maxwell wrote […]
Milliman and Ignition Wealth announce synergistic collaboration
Milliman Australia Practice Leader Wade Matterson and Ignition Wealth CEO Manish Prasad today announced a global collaboration between their two firms to combine Ignition Wealth’s integrated bank grade white label digital engagement and advice solutions with Milliman’s analytics, data and consulting prowess. Wade Matterson, Practice Leader, Milliman Australia and Manish Prasad, CEO, Ignition Wealth said, “We are delighted to announce a symbiotic new collaboration between Milliman and Ignition Wealth. Our businesses share a commitment to enrich the advice experience and enable better financial outcomes for every consumer.” The relationship has grown naturally from multiple synergies including an emphatic consumer-centric focus, growing global footprints and equally matched best in class status […]
Digital cash not on RBA agenda
The Reserve Bank has poured cold water on the idea of a digital Australian dollar, with head of payments policy Tony Richards declaring the demand isn’t there. A group of Australian fintech start-ups through industry body FinTech Australia last year wrote a letter to the RBA calling for a new digital currency, known as the ‘DAD’ or Digital Australian Dollar. “A centrally issued Digital Australian Dollar, backed by fiat [physical] currency, would enable payments to be made between participants in real time and 24/7 along the supply chain,” AgriDigital co-founder Emma Weston said last year. Meanwhile Othera CEO John Pellew said in the letter a ‘DAD’ would help his company […]
This Aussie fintech is now helping give banking services to rural communities in Syria
Novatti Group Limited, an online financial transactions processor and financial technology developer, announces it has entered into a supply agreement with Banque Bemo Saudi Fransi (BBSF). Novatti has entered into the supply agreement with BBSF to supply its agency banking services and mobile payments platform. BBSF is a leading and trusted bank among Non-Government Organisations (NGO’s) that has been operating in accordance with global banking standards providing retail-banking services for 14 years. Under the NGO umbrella, a key program of the bank is to enable distribution of financial aid to rural consumers within Syria, most of who are not catered for in the current banking space. The platform being supplied […]
Australian global payments provider Verrency bolsters its Global Advisory Board
As part of its global expansion strategy, Australian global payments provider Verrency has appointed well-regarded global payments industry executive Royal Cole to its Advisory Board. Royal is the Executive Vice President and Head of North America at Worldpay, a global leader in integrated omni-commerce payments, processing more than 40 billion credit and debit card transactions annually. Royal joins US-based payments luminaries Michael Kennedy, founder of Zelle, and Daniel Chatelain, founder of the BayPay Forum, as recent appointees to Verrency’s Advisory Board. Verrency Founder and CEO David Link said the appointment of Royal to the Advisory Board reflects the strategic direction that the company is heading as it continues to gain […]
World’s largest blockchain loyalty program launches in Australia
Blockchain company EZToken has announced the launch of its global cryptocurrency loyalty program (EZToken Rewards) in Australia. EZToken Rewards is the world’s biggest blockchain loyalty program (by size of retailer network). Members are rewarded with EZToken cryptocurrency rather than loyalty points for transacting with over 80 participating retailers. Unlike loyalty points, the value of EZToken constantly changes as EZToken is actively traded on digital exchanges around the world. With real potential to become one of the most popular loyalty currencies in the world, members who have earned EZToken can hold and see if the value rises, trade at participating retailers or transfer to other EZToken Rewards members. Best of all, […]
Comprehensive credit reporting laws will drive innovation and protect banks
In the blue corner, lining up to support the bill to ensure customer repayment history is provided in credit reports, are: the government, all of the banks, the entire fintech industry, the credit bureaus, the regulators (especially the Australian Prudential Regulation Authority), and many equivalent western economies such as the US, UK, Canada and New Zealand. In the red corner, lining up against it, are consumer groups and the Labor party. At the last election, Labor also supported “comprehensive credit reporting” like nearly everyone else, but this month decided to back a 12-month delay to the reporting of “repayment history information”, which sits at the core of the regime. Positions […]
