This is good reading thanks for the info.
Genome sequencing on the blockchain
The ICO is looking for Aussie investors and also to partner with the CSIRO.
China to Meet With Australia to “Discuss” Blockchain Technology Commercially
Zhou Xiaochuan governor of the Peoples Bank of China (PBOC) says that “cryptocurrencies are inevitable, but they have strayed from the useful path of being a secure and safe way to quickly and easily move money. Instead they are used by people as a get rich quick scheme.”
Despite the regulations of Bitcoin and like alt currencies there are more than 150 blockchain-enabled companies in China.
Australia is taking a lead role by hosting the first international blockchain standards meeting for the “ISO/TC 307” group next month, chaired by Westpac Banking Corp director Craig Dunn.
The delegation from China includes Senior managers from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain.
ARTSA Global Leaders Summit to address blockchain
Australian Road Transport Suppliers Association (ARTSA), Global Heavy Vehicle Leaders Summit in Melbourne on May 8th, will be discussing blockchain as a potential gamechanger for the transactional database–processes used in freight and logistics.
Sydney startup hub hosts China blockchain mission
Chinese technology leaders visited the Sydney Startup Hub to meet with NSW startups and learn more about the state’s blockchain and fintech capabilities. The ‘China Blockchain Development Forum’ mission was led by Li Ming, the director of the China Electronics Standardization Institute.
NSW Minister for Trade and Industry Niall Blair addressed the delegation, recognizing the State’s increasing blockchain interest and capabilities.
“Blockchain technology is expected to deliver productivity, security and efficiency benefits to the Australian and global economy. “While initial applications of blockchain are primarily focused towards financial and legal sectors. there is great opportunity for it to be used in other areas, including the agricultural industry for issues such as food safety, provenance and biosecurity.”
The World Economic Forum has predicted that 10 per cent of global GDP will be stored on blockchain by 2037.
Australia is building GlobalGuard, the world’s first blockchain and AI cybersecurity network
MailGuard is developing a first of its kind blockchain and AI network to defend against cyberattacks.
Mike Fishy Comments:
Not the “first” in the world and needs to compete with others doing similar things and power houses like Microsoft Azure Security Center that uses ML and AI to find malware and thwart attacks, not to mention other professional security firms that have been around for a lot longer.
However, decentralized AI is interesting, so will be checking up on how they are going.
Australia Warns of Fake ‘Tax Collectors’ Demanding Bitcoin
The Australian Taxation Office (ATO) issued a warning about scammers trying to con people out of their cryptocurrency, which includes threatening phone calls of police and legal action.
Yojee shares rise on signing blockchain technology deal with UPS Asia
Yojee Ltd (ASX:YOJ) has entered into a pilot agreement with UPS Asia Group, a subsidiary of United Parcel Service, Inc. (NYSE:UPS), to use Yojee’s blockchain technology in UPS supply chain environment.
Yojee managing director Ed Clarke said: “We look forward to working with UPS, the world’s largest package delivery company, to pilot Yojee’s blockchain-backed platform in the Asia Pacific region, the largest and fastest growing region in global logistics.
“This blockchain pilot services agreement with UPS highlights the global interest in applying blockchain technologies to the freight and logistics industry and Yojee’s unique sector capabilities.”
The company recently signed a two-year partnership deal with one of China’s largest shipping and logistics company, Sinotrans Integrated Logistics Australia (SILA).
Australians have already tried to pay the ATO more than $50,000 in bitcoin
(More Shenanigans and Scammery abounds)
ATO - Australian Tax Office
The ATO doesn’t want your bitcoin.
How to avoid falling victim to this scam.
With a bit of quick thinking, you can avoid falling victim to this scam.
“If you have received an unexpected email or threatening phone call that claims to be from the ATO and demands payment via Bitcoin or cryptocurrency, iTunes cards, or pre-paid Visa gift cards, don’t make the payment,” the ATO advises.
If you want to check the legitimacy of an ATO call or email, believe you’ve been the victim of a tax scam, or have previously tried to give bitcoin to the ATO and want your losses added to that awesome $50,000 running tally, you can contact the ATO on 1800 008 540.
Edit: Curent ATO Policy on Bitcoin and Crypto Assets in general may be found here:
Edit 2: Australia views Cytpo as:
“Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.”
In Australia, there is no taxes on Crypto purchases (Goods or Services Taxes), it is not recognised as a currency, there is no transaction taxes on trading it and the only taxes which “may” apply (there is some exceptions which is interesting) is Capital Gains Tax upon the sale of the digital asset for fiat currency.
I believe this makes Australia quite Crypto friendly.
Just got off the phone with the ATO about one of the exceptions.
So this is how it works. (note: I picked numbers from the air for simplicity)
If I have a job and earn $100,000 per year and each week I DCA $500 into Crypto and file it under a “Self Managed Super Fund” by keeping all the transactions and not performing any sells back to fiat, then:
My Annual Taxable income is $100,000 - (52 x $500). My Taxable income is reduced and I pay less tax as my income is now $74,000 per year (which also puts me into a lower tax bracket).
At the ripe old age of 65, I can cash out of Crypto to fiat and pay 0% Capital Gains Tax.
So, (giving away my age now - feel free to point and laugh at the old guy), I can do this over the next 12 years, pay less income tax and could have tax free crypto when I cash out.
Will Bitcoin (or whatever crypto I DCA in) be around in 12 years? That’s the risk of the Self Managed Super Fund.
I’m not saying to do it, I’m just letting you know that for some reason the Australian Tax Office seems quite Crypto friendly.
Personally, I will continue to DCA into the Property market like I always have, so just sharing this in case anyone finds it interesting and might wish to contact the ATO for the appropriate forms to complete.
In terms of why I stick to Property, it’s always been a safe bet in Australia. I purchased a block of land (85 Acres) that was zoned “Free Hold” which means no land tax, but you can’t build on it. I sat on this for a period of 18 years, upon which it was zoned Residential. Purchase price 18 years ago was $85,000. Sell price was $12m.
Property (Land) will probably always be a safe bet, but if you wanted to, you could do things differently (or even both).
That sounds reasonable. What if I placed the earned $100,000 from work and placed it all into the self managed super fund does that mean no taxable income?
How do you DCA land? 85,000 is a lot to dca.
I think in 12 years time we don’t need to cash out, I have a feeling coins will be the norm but 0% anything will be awesome.
In Australia, there is a cap on the contribution amount to your personal super that may be claimed as a tax deduction. So you “could” put in 100%, but you are going to have problems paying your tax bills and simple things like eating.
Join a property investment group, we all pitch in each month and buy one property per month, there is 500+ of us in the group. The amount you pitch in is your “shares” in the property. Old School, but still works. Maybe one day there will be a Bitcoin Investment Group where hundreds of people pitch in to buy one Bitcoin LOL
The old land block, I bought after winning a legal battle and the compensation payout was $126k
I bought a 36ft Bertram for the change
Best fishing boat ever, worst investment ever, was a massive money sink.
Sold boat and bought a Harley, still got the Harley.
Now you know what I look like
You also know what my 1984 Custom Softtail looks like.
Electric Start? Pft, in my day we Kick Started the Harley (and still do).
Thanks, this information is super helpful for my situation. I’ll be talking to my accountant soon. I’m also considering buying some land this year, 2.5 acres as a hedge to my crypto.
Australia loves Bitcoin, hits new record.
Now that Bitcoin can be purchased in over 1200 Newsagent stores for cash around Australia, the exchange providing the service (bitcoin.com.au) has hit all new records today.
The company also provides digital wallets for Phones, PC and Cold Wallet (Trezor) with easy to follow setup instructions.
Edit: In addition to this, when Harley Davidson started to accept Bitcoin for buying your dream motorcycle in October 2017, the Australian Harley Davidson is now also accepting Bitcoin for Harley’s! Yayy!
Agile Digital & Vault Systems bring blockchain to cloud security
Agile Digital provide development services to the Australian Federal Government.
The partnership with Vault Systems brings some additional benefits.
Vault Systems is one of four cloud providers that the Australian Signals Directorate (ASD) has certified to a ‘Protected’ level. Vault Systems designed, built, and deployed an OpenStack Certified Government Cloud.
The ‘Protected’ level means it may be used by the Department of Security Defence.
“By deploying to Vault Systems’ secure cloud service, Agile Digital and its customers can be assured that all sensitive data managed by Agile Digital will be contained on an ASD Certified cloud that will be private, secure and most importantly does not leave Australian shores,” Taylor-Price concludes.
So, basically a Government Blockchain solution for building business processes that is centralised into a Government Certified Cloud. Still, a good thing as adoption of blockchain technology is going to places that is more than just a store of value.
Q&A: China, banks & DLTs
TLDR; Banks are making their own Blockchain initiatives. So while to the public you hear banks say Blockchain is bad, behind the scenes they are implementing their own, but you already knew that.
The Australian Digital Commerce Association recently staged the APAC Blockchain conference, featuring delegates from the China Blockchain Development Forum and FEA Consulting Blockchain Study Tour of Australia.
Because of Australia’s role in the standards process China is quite interested in using the country as a test bed for some of these international collaborations, so if Australia can make the most of that, we have the potential to be to be among the early adopters of this emerging tech as it really goes forward.
One other bit of news, Australia Post is implementing blockchain to store digital address identities to help improve the delivery services. No formal announcement yet.
Don’t let the name fool you, Australian Signals Directorate is one of the highest if not highest level of Australian Government Intelligence. It would work very very very closely with allies such as USA (NSA,CIA etc) and England (MI5,6). Very interesting.
Why blockchain is the future for frequent flyer points
There are two main reasons why airlines find the notion of blockchain and cryptocurrencies appealing. Notably, the fact that some speculators have made big money from the current wave of cryptocurrency mania isn’t one of them.
Firstly, blockchain provides a mechanism where transactions can be readily tracked by multiple parties, but can’t be easily altered or falsified. That’s a key requirement for frequent flyer schemes, which typically involve tracking points from multiple sources: the main carrier, codeshare partners, credit card partners and others.
It’s not unheard of for points from anyone other than your main carrier to take weeks to show up on your balance. Shifting to a blockchain-based system could help alleviate that, allowing points to be credited much faster.
There is several rumours around that QANTAS, JetStar and other airlines are also researching the use of blockchain due to the benefits of trust and tracking from multiple participants in the schemes.
Blockchain Pull Payment Protocol Increases the Accessibility of Crypto Billing
Pumapay aims to solve one of the major roadblocks cryptocurrencies encounter on the path to wide-spread adoption. Simply put, all cryptocurrencies utilize a ‘push’ payment system whereby the buyer initiates the payment to the recipient.
In contrast, many payment systems utilize ‘Pull payments’ where the seller pulls the funds from the buyers account, after having already coming to an agreement and giving the seller access to pull necessary funds. Through this type of payment system, sellers can withdraw funds from a buyers account for things like recurring billing, product subscriptions, or as a way of executing a payment at a pre-determined time.
The Pumapay protocol allows the seller to connect to the buyer via a ‘PullContract’, and pull funds into their account when the buyer has agreed to the terms in advance.