The Australian government has released a response to the Productivity Commission Inquiry Into Business Set-Up, Transfer And Closure, with a statement that it is going to solve the problem of double taxation of digital currencies.
However, businesses related to digital currencies should be regulated according to the anti-money laundering and counter-terrorism financing legislation.
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I think it is high time for governments to recognize the existence of digital currencies in order to keep up with times and as well as properly regulate its usage. With this, the government can properly tax locals and foreigners alike in the conduct of their business. It is hitting two birds with one stone in the sense that while it is being regulated by the government in accordance with its ideals, the government can also earn good money out of it. Not only will it limit its use to local investors but also will encourage foreign investors to expend money for new ventures and to further business developments.