ATO eyes cryptocurrency activity in annual tax returns
The Tax Office has restated warnings to Australians trading cryptocurrency to declare profits in their annual returns, amid an increase in questions about reporting requirements. Bitcoin and other cryptocurrencies are considered property, not currency, for tax purposes in Australia, making them liable for capital gains tax when sold for a profit after July 2017. If the cryptocurrency is held by an Australian resident taxpayer for more than 12 months before being sold or used, the taxpayer may be eligible for the 50 per cent capital gains tax discount, making them a cryptocurrency “investor”. Exemptions for personal use apply, including to assets worth less than $10,000, which are maintained for personal […]
Teens are putting ‘Fortnite’ virtual money ‘V-Bucks’ at the top of their holiday wish lists
If you’re unsure what to get the young teen in your life for the holidays, you may want to put away the gift cards and cash in favour of spending money for the ever-popular video game “Fortnite.” A survey of thousands of teens found that, for the first time, one of their most-requested gifts for this holiday season are “V-Bucks,” the virtual in-game currency used in “Fortnite: Battle Royale.” The annual report on teens’ holiday wish lists, from analyst firm Piper Jaffray, also saw another newcomer – cryptocurrency, the “money of the future.” “Fortnite,” a multiplayer-last-man-standing type game, has exponentially grown in popularity since its Battle Royale mode launched in […]
Stablecoins could lead cryptocurrency growth in 2019
With Bitcoin making a shaky climb closer to $4000, the entire industry of cryptocurrency is still reeling from hitting a relative low on the year last week. Since the start of the year, the number one cryptocurrency by market capitalization is down nearly 80 percent since peaking close to $20,000 in December 2017. For some, the falling price of Bitcoin and the broader altcoin has raised the alarm and led to widespread selling out, negativity and a soured mood towards crypto and blockchain-based assets. Just yesterday, EWN reported on the significant number of crypto-based startups which have been forced either to close shop or make substantial staff cuts in response […]
American Express praises Ripple for cross-border payments, calls blockchain technology ‘very promising’
American Express is at it again with positive comments on blockchain technology and praising Ripple.
Yet another end of Cryptocurrency? What influences the market now
Most cryptocurrencies have seen their growth slow down in recent months. The prices of Bitcoin and major altcoins have leveled out at a point well below their peak prices. While some investors take this as a sign that the market is starting to mature, others see this trend as disconcerting. The situation surrounding cryptocurrency is not what it was a year ago. This also means that the factors that influence the market have changed, although some factors are enduring and will always affect cryptocurrency performance. Here are some of the major factors influencing the market right now. Bitcoin Price The price of Bitcoin influences the prices of all other digital […]
Start-up heads up a crypto currency new wave of business
Among the best and brightest have showcased in Noosa the future of block chain technologies that make crypto currency trading possible and the potential impacts of the technologies over the upcoming decade. The inaugural Crypto Coast Convention #CCCnoosa saw more than 100 delegates brainstorm the Peregian Beach Digital Hub, Peppers Noosa Resort and the Innovation Centre at Sippy Downs. Guest of the opening discussion panel was made up of Queensland Chief Entrepreneur and founder of Everledger, Leanne Kemp, CEO of Civic Ledger Katrina Donaghy, MP Sandy Bolton MP, Noosa Mayor Tony Wellington, co-founder of Crypto Coast Convention Taylor Tran and Jon Allison from Modern Assets. Mr Tran said the Sunshine […]
US crypto exchange wants a piece of the Aussie market
U.S.-based cryptocurrency exchange, CoinZoom, has announced it will enter Australia after its wholly owned subsidiary, CoinZoom Australia, gained approval from financial regulator AUSTRAC. CoinZoom anticipates its Australian platform will go live in the first quarter of 2019. The fiat to crypto exchange will support major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins. “Being fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a Digital Currency Exchange, is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” said CoinZoom CEO, Todd Crosland. To read more, please click on the link […]
Stablecoins: Money of the Future
Stablecoins are currently the fastest growing sector of the cryptocurrency market, worth $186 billion; these constitute cryptocurrencies whose values are pegged to real life commodities like gold or the US dollar. This is opposed to traditional cryptocurrencies—such as Bitcoin or Ethereum—whose markets are very volatile and can fluctuate by 10-20 percent in the space of a few hours, causing massive uncertainty among investors. Governments across the globe, from Australia to Sweden, are realizing stablecoins’s potential and developing their own, in addition to official blockchain funds which develop GPB and Japanese Yen-pegged coins. Types of Stablecoins There are numerous stablecoins on the market, which fall into three main categories: fully collateralized, […]
