Australian Bitcoin Adoption Increases Following Regulatory Amendments

In recent months, the Australian government has sought to amend its bitcoin regulations – which were previously notoriously unfavorable to businesses and individuals seeking to use and adopt cryptocurrency. The Australian cryptocurrency industries have since shown signs of significant growth, with many industry insiders attributing the improving investor confidence to amendments made to federal legislation pertaining to bitcoin in Australia.

Full story here

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Chiasso, Switzerland Municipality to Allow Citizens to Pay Taxes in Bitcoin

The Swiss municipality of Chiasso has announced that it will accept tax payments in bitcoin from January 2018 onwards. The announcement signifies a further gathering of momentum for Switzerland’s bid to become a global leader in the bitcoin and cryptocurrency industries, with Chiasso seeking to rival Zug’s Crypto Valley as a major global hub for bitcoin adoption and innovation.

Read the full story here

A Slovenian Savings Bank’s Traditional ATM Dispenses Bitcoin Vouchers

According to a video filmed by the Slovenian savings bank Hranilnica Lon, the firm has enabled the ability to purchase bitcoin with its classic automated teller machine (ATM) located in the company’s lobby. The Kranj-based bank believes it’s the first bank worldwide to implement bitcoin into a traditional ATM.

Read the full article here

Guide to SMSF investing into Digital Currency

great guide to investing superannuation funds into Digital Currency via Independent Reserve!

Currently the only way to invest super in bitcoin is using self managed superannuation (SMSF)

You can set up an SMSF using an accountant of your choice near you. I used Squirrel Super as their team demonstrated the ability to understand and audit cryptocurrency investments. So look for this skill set in the accountant of your choice.

Once your SMSF is setup you will get a bank account for it to which you will transfer funds from your existing industry superannuation account.

Then sign up with an australian bitcoin exchange with your SMSF company details to purchase bitcoin/ethereum using your SMSF’s bank a/c.

I prefer to use Independent Reserve as they now have an Out of Box offering catering specifically to SMSF accounts

Please ensure you keep bitcoins/ether in a wallet you control once you have purchased them and also this wallet should be separate to your personal bitcoin wallet.

Ideally send all your SMSF purchased bitcoins/ether to a single address wallet so it is easier for annual audit purposes which SMSF’s are required to do. Your accountant will do this for you.

I personally use Copay Wallet as it has an Auditable Setting feature for the wallet which allows you to have a single wallet address. While this may not be best practise for every day transactions using your personal bitcoin wallet, in case of investing superannuation however just so you can simplify audit it actually is best practise.

If you sell the bitcoins ensure the funds go back into your smsf’s bank account and you declare any profits or loss upon sale of bitcoins/ether to your accountant for tax purposes

Just like all superannuation investments you cannot spend your bitcoin/ether for any personal use untill you are of a retirement age or meet the criterias under SMSF laws that allow you to do so.

As much as i would like to , I personally dont think it is a wise idea to invest superannuation is Monero,Dash,ZEC or anything that is privacy centric. We hopefully will be there someday where it is more accepting to do so , but at this stage if you want to invest in any privacy centric altcoins i think it would be best to do so with your own funds and not superannuation.

Anything that you cant purchase from an Australian exchange and have to use something like shapeshift for that again be wary of as at audit time it will be a lot more complicated trying to establish the transactions and prove balances.

To learn more please send an email to contact@btcsuper.info

 

A Recap of the Blockchain’s Big Split

It wasn’t the first attempt to fork the bitcoin blockchain, but it was certainly the most memorable.

As reported earlier today, Bitcoin Cash, a new cryptocurrency, was created when a group of miners “forked” from the main bitcoin blockchain – in short, they switched to a new, incompatible software that changed the rules by which the network would function.

Read the full story on Coindesk