Tech bounty to outstrip negative cyber-effects
The international ransomware attack this month that ensnared more than 150 countries — including Australia — brings to mind an intriguing question: can we afford to openly embrace digitalisation? Anthony Wong prefers to approach the conundrum from the opposite direction: can we afford not to? As president of the Australian Computer Society, Mr Wong is constantly told of the risks of digitalisation: robots replacing workers, disrupters pushing industries to extinction and personal data shipped off to the highest bidder. While he doesn’t discredit those fears, he reckons such concerns are outweighed by the opportunity to find solutions, adopt new skills and create fresh industries. “Artificial intelligence, robo advice, driverless cars, […]
Australian blockchain delegation heads to New York
Australia’s blockchain capabilities and technologies will be showcased to global leaders and investors at Consensus 2017 in New York from 22-24 May. A 26-member Australian delegation will be heading to the event to present globally competitive and innovative solutions across the spectrum of industry applications, from digital currencies and payments to agricultural supply chains, smart contracts and identity management. Consensus 2017, now in its third year, has become a landmark event on the blockchain calendar. The event attracts global professionals from leading industry startups, investors, financial institutions, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Nicola Watkinson, Austrade’s Senior Trade and […]
Can Australia drive Bitcoin and FinTech Development in the Southeast?
After the 1st of July 2017, Australian blockchain and Bitcoin-related businesses that have relocated abroad can return. Coinidol.com contacted experts from Australia and asked them about the problems that the government should solve for the cryptocurrency and blockchain markets during the next year. Australia takes an important step toward Bitcoin and cryptocurrency acceptance with the government’s decision to drop the double goods and services tax (GST) starting July 2017. Double taxation – problem for the whole cryptocurrency industry Most countries have no problems with double taxation and GST being applied to Bitcoin purchases. And Australians often had to buy cryptocurrency overseas, which also blocks the development of a local cryptocurrency […]
Bitcoin rises to record high in blockchain-related boost
Digital currency bitcoin hit a record high overnight as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator. Bitcoin hit a record $US1760.40 on the BitStamp platform and was last at $US1747.89, up 6 per cent on the day. So far this year, bitcoin has surged nearly 80 per cent. Bitcoin’s market capitalisation overnight soared to $US52.5 billion, according to data from coinmarketcap.com. Aside from being an asset that can […]
Financial advisers should consider bitcoin as an asset class
There is no better way to understand blockchain technology than to invest in bitcoins, a digital currency that has outperformed traditional currencies in recent years, according to an industry expert. This week the cryptocurrency broke record-highs when it started trading above USD$1680 against the US dollar. As at May this year, the total market cap of the bitcoin market has more than doubled to US$23 billion since it hit the US$10 billion mark just three years ago. Australia-born chief executive of Silicon Valley-based blockchain outfit Wyre, Michael Dunworth, said for financial advisers who are trying to figure out how the industry will affect their business, there is no better way […]
Australia reaffirms pledge to fix Bitcoin tax issue
Australia’s government is pushing ahead with plans to solve the “double taxation” problem of digital currencies in the country. The government pledged more than a year ago to solve the policy dilemma, wherein Australian businesses are liable for goods-and-services (GST) taxes on any bitcoin sold – as well as taxes should they take them as payment. It’s a point of criticism expressed for years by the country’s bitcoin community, culminating with last year’s commitment. According to statements published today, the government is consulting with its fintech advisory group on the matter – though it cautioned that any material changes would depend on action on the provincial level. The policy document, […]
KPMG sees robots taking over tax compliance
When 800 executives were surveyed for a World Economic Forum report published in September 2015, three-quarters said company audits would be performed by artificial intelligence by 2021. A similar proportion reckoned the world would have witnessed the first tax collected via blockchain within that timeframe, while 45 per cent said robots would be occupying places at the board room table. Clearly, the tax profession is ripe for digital disruption. In a new briefing paper, KPMG envisages a world where much tax compliance work is done by machines, leaving humans to pick up the more complex tasks. While computers will do the heavy lifting on the number crunching front, tasks requiring […]
Venture capital 3.0: the initial coin offering explained
The venture capital community thrives on disruption. So what happens when the tables are turned and the medicine bottle has their name on it? There’s a new kid riding onto the financing block – riding roughshod across an unregulated landscape. Welcome to the world of the initial coin offering (ICO). An ICO is a hybrid: part crowdfunding, part software token, part speculation. In simple terms, an ICO is often described, somewhat inaccurately, as an IPO for cryptocurrencies. How it works – A tech start-up team creates an ICO using a blockchain-enabled software platform, usually open sourced. – The platform is powered by cryptography-based software tokens – called cryptocurrencies. – The […]
