Last month we made a second submission to the 'Select Committee on Australia as a Technology and Financial Centre'.
We have made 5 key recommendations in hope of affecting a positive change.
"Banks have the ability to freeze accounts instantly, shut them down with little notice and even ban customers from using their services ever again."
Key Recommendation #1: Acknowledge that in the current monetary environment, banking is an essential utility
"El Salvador passed the ‘Bitcoin Law’... The effect this will have on the economy of El Salvador and particularly on its unbanked citizens is profound. It is expected that other countries will soon follow suit."
Key Recommendation #2: Recognise Bitcoin as a foreign currency
"UK.. exempts gains... on foreign currencies. Not so in Australia... If one buys USD.. but then later exchanges.. back to AUD, this becomes a taxable event."
Key Recommendation #3: Change taxation laws so that capital gains on foreign currencies are not taxable
"Recently, Canada cleared the way for the launch of the world’s first Bitcoin Exchange Traded Fund (ETF)."
Key Recommendation #4: Clear the way so a Bitcoin Exchange Traded Fund (ETF) could be launched domestically
"Proposed ‘Travel Rule’ legislation.. we believe to be individuals’ breach of privacy"
Key Recommendation #5: Postpone any discussion around the proposed ‘Travel Rule’ ... and if eventually implementing this rule, elect for the lightest touch possible that FATF will allow
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Read the entire submission by clicking here: https://www.aph.gov.au/DocumentStore.ashx?id=59e0a26e-cf38-4c0e-9dcd-0b9d9d223dc9
Read our previous submission by clicking here: https://www.aph.gov.au/DocumentStore.ashx?id=22af14ab-cd8e-48d3-9b6b-dddb39b9453b&subId=699732
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Many thanks to the team that wrote, edited, proofread and debated (hard!) to make these submissions a reality. Team work makes the dream work 🤜🤛
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