Legislation introduced to remove double taxation on digital currencies: What this means for startups
Digital currencies such as Bitcoin and Ethereum will no longer be subject to double taxation if legislation introduced last week into the Federal Parliament is successful. Treasurer Scott Morrison says the proposed change will “further cement Australia’s reputation as a global Fintech centre”. The legislation follows a promise the federal government made in the 2017 Budget, when it pledged to exempt purchases of digital currencies from the goods and services tax (GST) from July 1. The promise followed on from a statement by the Treasurer in March 2016, committing the government to addressing the issue. The legislative changes mean digital currencies, such as Bitcoin and Ethereum will be treated similarly […]
World’s central banks can’t ignore the Bitcoin boom, BIS says
The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing in countries like Sweden where cash use is dwindling. Institutions need to take into account of not only privacy issues and efficiency gains in payment systems, but also economic, financial and monetary policy repercussions, the BIS said in its Quarterly Review. The analysis comes at the end of a rough […]
Two Australian fintechs selected to help develop payments solutions for the world
Two Australian fintech companies have beaten entrants from across the world to be selected among five finalists in a global payments industry challenge, where they will work to develop new cross-border solutions for thousands of banks. Assembly Payments and CurrencyVue have been selected to take part in the SWIFT gpi Industry Challenge in Singapore on 13-14 September. As part of this challenge, the two well-established financial technology companies will work with 30 banks to develop new services for SWIFT’s more than 11,000 financial institution members across 200 countries, leveraging its SWIFT global payment innovation (gpi) service. Two winners will emerge from the Singapore event and will be featured at Sibos […]
FlashFX first off the block to use blockchain for international money transfers and launch into Asia
Foreign exchange digital currency provider, FlashFX, announces it is the first Australian company to receive an Australian Financial Services Licence (AFSL) from Australian Securities and Investments Commission (ASIC) to transfer money internationally using blockchain technology. The FlashFX infrastructure is built on the Ripple distributed ledger technology using their real time currency settlement and payment network. “FlashFX is designed to revolutionise the way everyone makes international money transfers,” says Chief Enabling Officer, Nicolas Steiger. “We purpose built the platform to move money overseas securely, quickly, cheaply and with more control for consumers. “Blockchain offers a cryptographically secure end-to-end payment flow and records all transacted information. Being regulated by ASIC adds that […]
Three thousand Bitcoin ATMs to launch across Australia
Almost 3000 Bitcoin automatic teller machines will launch across Australia as part of a venture between an ATM operator and a blockchain service provider. The joint venture between StarGroup and DigitalX will see 2900 existing ATMs across Australia equipped with technology that will allow Bitcoin enthusiasts to buy and sell the digital currency. StarGroup has 500 ATMs and a further 2400 through its StarLink subsidiary nationally. The machines will be “two-way” ATMs, meaning users can acquire Bitcoin as well as convert their holdings to AUD cash instantly. The companies say this will solve a pain point for Bitcoin enthusiasts, who generally need to wait days using existing digital currency exchanges […]
Cryptocurrencies are new barbarians at the gate of central banks
When the cryptocurrency Exio Coin starts a round of fundraising on September 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a per capita basis. The claim of official approval highlights how the boom in cryptocurrencies and their underlying technology is becoming too big for central banks, long the guardian of official money, to ignore. From speculative betting to […]
Australians are being ripped off on currency exchange
Australians are being ripped off by poor currency exchange rates and fees, an analysis by researcher Capital Economics shows. The researcher estimates in 2016 Australian holidaymakers and work travellers paid well over $1 billion in fees and poor exchange rates on their currency exchanges. This figure includes more than $110 million in poor exchange rates and fees for cash exchanged before travelling overseas. It includes more than $930 million on dud exchange rates applied to card purchases abroad, and almost $170 million in charges for overseas cash withdrawals. It’s not only individuals who are losing out. Small and medium-sized businesses are forgoing almost $150 million a year in poor exchange […]
Australia Post signs on its first businesses with its Digital ID
Online job marketplace Airtasker, credit union CUA, foreign exchange company Travelex, and Queensland Police are among the first adopters of Australia Post’s new digital identity service as it seeks to corner the local market in proving credentials when the online and physical worlds collide. The Digital ID has been under development since early 2016 and will allow people to rapidly verify their identity via their smartphone using stored biometric data and other information. The technology will allow individuals to apply for passports or mortgage by mobile and Australia Post’s executive general manager of trusted e-commerce services Andrew Walduck said it was now entering commercial use and would become a growth […]
