Call to remove GST from Bitcoin

ONE of the nation's leading trading sites for Bitcoins has urged a Senate inquiry in Sydney to recommend dropping GST from digital currency transactions.

Bit Trade Australia cofounder Jonathan Miller told the hearing digital currencies were being regulated as a commodity rather than as a currency.

He said it meant Australians buying Bitcoin and other online currencies were paying an extra 10% for every $1 of currency bought.

Other witnesses urged more research be completed on the effect and potential of digital currencies for Australian investors and traders.

The Australian Bankers' Association said the research could help lead to more regulation of digital currency to help prevent fraud or money laundering.

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