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“Gold and Bitcoin are being recognized as Money by Governments, Eliminating Taxes”

There has been a lot to smile about in the alternative fiat currency world this year.  Governments globally are starting to recognize Gold and Bitcoin as money.

Most recently, the state of Arizona and Australia have taken steps to enable more acceptance of the fiat currency alternatives.

In Arizona, Gov. Doug Ducey signed into law a bill that removes capital gains taxes on gold and silver,  allowing Arizona residents to use precious metals as their form of payment instead of currency issued by the Federal Reserve.

Currently,  20 other states are considering following suite with Arizona and remove  the capital gains tax from the buying and selling of precious metals.

In Australia, bitcoin will be treated as many by July 1, 2017. Bitcoin traders and investors in the nation will not be taxed for purchasing and selling Bitcoin through regulated exchanges.

The Australian government wrote:

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.

 

Will this trend continue amongst governments? Voice your opinion in the comments below.

 

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  • John Law

    They won’t allow this for long… cashless society by central bankers will counter this IMO