Australia’s Senate Economics References Committee has concluded its inquiry into digital currencies, publishing a report Tuesday that recommends treating these currencies as real money, simplifying tax for individuals who trade them while requiring digital currency exchanges to monitor customers for possible money laundering and terrorism financing schemes, reported Reuters.
To be tabled in parliament next week, the report’s recommendations underscore governments’ growing acceptance of the role of digital currencies worldwide.
Reuters reported that if the recommendations were implemented, Australia would be in the same camp as Spain and the United Kingdom by having its citizens pay sales tax just once if they purchase something with Bitcoin.
Amendments would also put Australia on par with Canada and Singapore, which have in the past year and a half revised anti-money laundering and counter-terrorism financing laws to apply to both traditional and digital currency.
According to the Australian Senate report, as reported by Reuters, treating digital currency like Bitcoin as a tradable commodity instead