Australia’s tax commissioner has indicated that the bitcoin digital currency could be considered legal tender in the country. Several countries around the world are struggling over whether to classify bitcoin as a currency or as a commodity.
Speaking at an event last week, the Australian tax commissioner, Chris Jordan, stated there was a push by some proponents to have bitcoin treated like money, but he added it did not meet the current definition of legal tender. However, he suggested that this could be changed in the future.
“There’s a definition in the Tax Act of money. It’s got to be the legal tender of a country. We can’t say it’s money. If this grows more and more maybe the definition needs to change,” he said.
A change to the definition of legal tender would require amendments to the Tax Act by Australia’s federal parliament. The tax office issued guidance earlier in August that said bitcoin was considered an “intangible asset” under the Australian taxation system.
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