The status of Bitcoin in each jurisdiction is something worth considering when you are looking for ways to use it and, in our readers’ case, when looking where to bet. As such, at GoldBitcoinCasino.com, we are working on a series of articles to help give you the lowdown on what Bitcoin can be used for in your country of residence and how that then carries over onto the use of Bitcoin for gambling if you are accessing online casinos from a certain IP location. In our latest article, we will look at how Bitcoin is accepted and monitored in the land Down Under, Australia.
What is the current Bitcoin situation in Australia?
What does this mean for Australia Bitcoin gamblers?
Australian government officials recently announced that Bitcoin will be "treated just like money" and will no longer be subject to a “double tax”. In its budget summary for 2017, the Australian government announced:
"The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once again on its use in exchange for other goods and services subject to the GST."
This is set to increase the use of Bitcoin in Oceania’s biggest country and is partly motivated by the country’s desire to be seen as a “leading global financial technology hub”. The Government’s positivity is set to encourage more Bitcoin, as well as other cryptocurrencies, investment.
While the previous policy of double taxation restricted the growth of digital currencies, it is evident that the withdrawal of this restriction will now see Australia as a leader in the cryptocurrency movement.
What does this mean for Australian-based Bitcoin gamblers?
While the move to legalise Bitcoin is Australia is a good one, unfortunately the situation with online gambling in the country is far more complicated. The Interactive Gambling Act of 2001 restricts the activity of “real-money” interactive online gambling by Australian operators and its advertising. A license, subject to strict criteria, is required to run an Australian-based online casino. Accessing and using an Australian-based online casino is not an offence so Australian players cannot be found guilty.
However, the recent amendment to the above act, in 2016, closed off several remaining loopholes that existed within the act and, thus, has eliminated the possibility of in-game sports betting and online poker. For Australian residents looking to access online casinos, there are more options if you look further afield as Australian-based casinos are restricted in what they can offer to its fellow citizens.