Living Room of Satoshi, an Australia-based company which allows users to pay any bill in Australia with Bitcoin, has suspended all operations.
Citing the Australian government’s recent ruling on Bitcoin, they claim it “makes it economically infeasible for any Australian-based business to use bitcoin as the currency that it was designed to be.”
They cite the Australian government’s recent ruling that Bitcoin be considered an asset, not a currency. Though it permits Bitcoin to be used legally, it also causes some issues.
Australia’s Bitcoin Regulations
One of the major problems with Australia’s Bitcoin regulations is the fact that it effectively creates a “double-tax” on it. Those who wish to use Bitcoin must pay a 10% GST when purchasing Bitcoin, and another 10% when actually using it.
A petition has been started to push back against this ruling, with corporate signees including HardBlock, CoinSpot, Coin Loft, and, of course, Living Room of Satoshi, among others. They urge that Bitcoin is not a good or service, but a digital currency, and must be treated as such.
In the meantime, though, Living Room of Satoshi has been forced to close its doors.
Those interested in signing the No Double GST For Bitcoin petition can click here.
Living Room Of Satoshi Closes Its Doors Over New "Economically Infeasible" Regulations
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