Australians have an lighter way to buy bitcoin after fresh exchange launches
The very first licensed bitcoin exchange to launch te the United States has just set up shop ter Australia.
Through Coinbase, Aussies can now buy two digital currencies, bitcoin and ether, using their credit or debit cards through the San Francisco-based company. For the ogenblik, the toneel won’t permit Australians to sell digital currency, just buy it.
Founded te 2012, the Coinbase app and webpagina supports digital wallets and digital currency transactions. It also founded the Total Digital Asset Exchange, where bitcoin (and spil of May, ethereum) can be transacted. Access to the professional trading podium is also available to Australians.
“Wij have Coinbase, which is for retail investors and for professional traders, wij have GDAX,” Ankur Nandwani, product manager at Coinbase, tells Mashable Australia.
Now ter 33 countries, Coinbase has no recinto staff or office. Nandwani said the delayed launch Down Under wasgoed simply a matter of getting things right.
“Wij want to make sure wij are regulated and doing everything the right way, so it took some time to figure that out,” he explains. “Wij did not encounter any substantial regulatory obstacles te accepting customers from Australia.”
Coinbase CEO Brian Armstrong shows up on stage at the 2014 TechCrunch Disrupt Europe/London.
Pic: Getty Pictures for TechCrunch
Despite primarily suggesting Coinbase with only a ‘buy’ function, he suggests Australia would soon see toegevoegd features. “When wij launch te a fresh country, wij want to take a safe treatment and understand how people are using the product,” he said. “Right now, wij are commencing with ‘buy’ and spil wij get more terugkoppeling and understand the customers more, wij hope to suggest the ‘sell’ functionality ter the near future.
“Te the U.S., you can buy Bitcoin by linking your handelsbank account, you can buy it with your debit or credit cards . wij hope to expand the same functionality te Australia.”
According to Nandwani, Coinbase has transacted more than $Four billion te digital currency since 2012. “The objective of Coinbase is to create an open financial system for the world, and wij are always looking to expand to fresh countries,” he said. “Wij think that Australia is an significant part of our treatment, so wij’re excited to launch.”
Bitcoin has not had an effortless time ter Australia. Weighed down by an Australian Taxation Office decision te 2018 to treat the digital currency like a commodity and not a currency, using it is often accompanied by a intense tax cargo.
Known spil dual taxation, its treatment spil a commodity means it’s liable for a 10% Goods and Services Tax (GST), which applies to Bitcoin transactions and the goods purchased, if they’re also subject to GST.
The government signalled te March that it would be open to making switches, however. “Wij will take activity to address the dual GST treatment of digital currencies. Wij won’t be taxing digital currency,” Treasurer Scott Morrison said at the time.