The federal government has announced plans on Monday to remove the'double tax' treatment from those dealing in digital currency such as bitcoin. In its report [PDF] Backing Australian FinTech, the government said it recognises that that the current treatment of digital currency under the Goods and Services Tax (GST) law means that consumers are "double taxed" when using digital currency to buy anything already subject to GST. "The government is committed to addressing the "double taxation" of digital currencies and will work with the industry on legislative options to reform the law relating to GST as it is applied to digital currencies," the statement says. According to the government, blockchain technology -- the underlying technology behind Bitcoin -- has attracted considerable interest, adding it is currently being applied to a number of areas within the international financial system. The government believes the technology has the potential to revolutionise key services like international transfers between banks, equities clearing, and settlement, and financial contracts. Currently, the government said there are over 600 digital currencies available, with different protocols for transaction processing and confirmation, as well as different approaches to the growth in the supply of digital currency units.
Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first decentralized peer-to-peer electronic cash system. Today, innovators in various fields are realizing the benefits of the technology behind Bitcoin. From medicine to finance, many sectors are looking for ways to integrate blockchain into their infrastructures. With its decentralized and trustless nature, Blockchain technology can lead to new opportunities and benefit businesses through greater transparency, enhanced security, and easier traceability. Blockchain solutions are not only limited to the exchange of cryptocurrencies.
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected]. Miami Blockchain Event by FinTechEXPO also offers sponsorship and exhibit opportunities. Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses.
Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expensive intermediate processes from their businesses. FinTech brings efficiency as well as the ability to deliver new services and a much improved customer experience throughout the global financial services industry. FinTech is a natural fit with cloud computing, as new services are quickly developed, deployed, and scaled on public, private, and hybrid clouds. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience.
India has emerged as one of the key global fintech hubs and has created huge room for fintech start-ups. Covid-19 accelerated the growth of fintech industry, which now enjoys record investments and skyrocketing adoption of its services. With industries shifting to digital platforms, it was critical for the fintech industry also to move to app-based operations. The finance sector has come a long way in providing the comfort of having almost all operations at your fingertips, in addition to secured logins and complete access to financial data. While app-based operations reduce the time and effort needed, secured transactions, safety from fraud as well as transparency to safeguard from any misconduct are doubtful.