Australia may remove GST on Bitcoin

According to FX168, the price of Bitcoin continued to be under pressure in the Asian session on Thursday (August 6), continuing yesterday's volatile downward trend.

The quotes released by BITSTAMP show that Bitcoin/ US dollar (XBT/USD) continued to fluctuate under pressure from around 286 yesterday. The decline continued in the Asian session of this trading day and has now fallen to around 281.

The quotes released by KRAKEN show that Bitcoin/ Euro (XBT/EUR) continued to fluctuate downward from above 263 yesterday, and even fell to 258 in the Asian session of this trading day. It is currently trading at a low level of 259.

On the industry side, the Australian Senate Economic Advisory Committee (ASERC) asked the Australian Taxation Office (ATO) on August 4 to change its tax policy and revise the provisions that originally regarded electronic currencies such as Bitcoin as commodities and thus be subject to the Goods and Services Tax (GST).

Instead, the committee believes that electronic currencies such as Bitcoin should be regarded as "currency", and the Goods and Services Tax (GST) can only be applied when Bitcoin is used to purchase goods or services, rather than the current situation where GST is required to buy and sell Bitcoin.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

At 12:34 Beijing time on August 6, Bitcoin/USD was 281.14 and Bitcoin/Euro was 259.29.