Australia Crypto Research and News


#81

Right lads I was just reading this medium post I found on reddit about cryptocurrency tax in Australia and I’m completely lost.

How are you guys doing your taxes?


#82

Yup, the rules changed.

While all crypto is still not recognised as a currency, but rather a digital asset, the rules around trading digital assets and capital gains tax still apply. However, the ATO added new rules around the general personal use of the cryptographic digital asset (CDA) as a payment method for good and services.

So, technically a CDA is still deemed as “property” with some exceptions now.

The good part is you can still claim all the costs involved in purchasing/creating/mining CDA’s against the gains of said CDA. This includes equipment, housing, rent, maintenance and the hours of programming.

Still, do consult with the experts, you can find great tax consultants in the Meetups around various cities in Australia.

Stay Fishy


#83

Australia’s RMIT to Offer Students Blockchain-based Credentials

The Royal Melbourne Institute of Technology will grant student credentials on the blockchain, according to a new initiative implemented in partnership with Credly.

The Royal Melbourne Institute of Technology (RMIT) announced on Monday that its students would be able to get digital credentials stored on the blockchain. The project was developed together with digital credential platform Credly. The new type of credentials would enable students to present their skills and build a CV on the blockchain. They can then share their skills with social network platforms like LinkedIn.

In September 2017, the university launched the RMIT Blockchain Innovation Hub, which is claimed to be the world’s first blockchain-oriented research center studying the social science of the emerging technology. Meanwhile, RMIT believes that blockchain will turn into a key element of the global economy and will transform business in the near future.

Credly is also a partner of the American Council on Education (ACE), American Society of Association Executives (ASAE), Destiny Solutions, and Lumina Foundation among others.

Stay Fishy


#84

World Bank taps Australia’s CBA for blockchain bond

MELBOURNE (Reuters) - Commonwealth Bank of Australia CBA.AX has won a mandate from the World Bank to arrange a pioneering bond issue to be created and run using only blockchain, aiming to simplify capital raising and trading.

The World Bank and CBA said on Friday indicative interest in the blockchain operated new debt instrument, nicknamed “bond-i” after Australia’s iconic beach, had been strong.

Using distributed ledger technology, best known as the technology underpinning the bitcoin crypto-currency, would help simplify capital raising and trading and improve regulatory oversight, the World Bank and CBA, Australia’s biggest bank, said.

The World Bank issues between $50 billion and $60 billion a year in bonds to back development in emerging economies.

“This pioneering bond is a milestone in our efforts to learn how we can advise our client countries on the opportunities and risk that disruptive technologies offer,” World Bank chief information officer Denis Robitaille said in a statement.

CBA said it had found solutions to technical and legal issues to make the transaction work.

CBA’s blockchain push come as the Australian Securities Exchange plans to switch to using the distributed ledger technology to clear and settle equities trades from 2020 to help cut costs.

In case you were wondering which Blockchain:

CBA used Ethereum, but noted that other options might be better in the future

Important information

  • CBA is using the Ethereum blockchain in this project. Ethereum currently has the most development activity globally, and offers the functionality we require. However other blockchains are developing rapidly and CBA remains open to other options in the future.

Stay Fishy

Fishy Note: Bonds are technically a “smart contract”.


#85

This was going to be an interesting news bit, but instead it turns out it is possibly a scam.

There is news about:

FiiiLab is calling all the Australian Crpyto Fans! FiiiPOS and FiiiPay are ready to support Australia mobile number registration!

However, as I always check things before I post, I took a look at their web site.
Instantly, I get the spidey sense it could be a scam when the site is done with Joomla (which not a very secure CMS) and the Administrator page is wide open and not secured: http://fiii.io/administrator/

So instead of posting some interesting news, instead I’m going to say: keep on your toes. If something isn’t done professionally, you probably don’t want to use that service.

But as always - Stay Fishy