Successful people are the ones who are breaking the rules.
Seth Godin 
11th August 2017  
 
  Bitcoin's surging in down under
 
The Story

A bipartisan group of lawmakers is pushing to get Australia to recognize bitcoin as an official form of currency.

 

The lawmakers want Australia's financial industry to not be left behind.

One of the lawmakers who is leading the charge is Labor Senator Sam Dastyari. Dastyari remarked that having bitcoin as an official currency will be “a revolutionary leap for the Reserve Bank and for Australian financial institutions”.

 

This is a bid for Australia to catch up with its Asian neighbors.

Dastyari has admitted that while the country's Asian neighbors are well ahead in the area of cheap goods and services production, Australia can still make a difference in its financial services sector by having its own official currency and blockchain.

 

It has been two years since Australia pushed for bitcoin to be treated as fiat money.

In 2015, the Australian government had already proposed for bitcoin and other digital currencies to be treated as fiat money for the purpose of goods and service tax (GST). This will put an end to the current scenario where Australian customers using digital currency for transactions are being taxed twice—one for GST on the product and another one for the GST levied on the digital currency used for the payment cryptocurrencies in the country.

 

Takeaway

This is a welcome step for the bitcoin community because aside from providing convenience to its customers, treating bitcoin as an official currency will ensure secure transactions. Regulation will allow the digital currency businesses to be protected from counter-terrorism and money-laundering efforts.

 
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  FEATURED VIDEO
 
 
 

The Industry Eye - Season 2 Episode 20

In this episode of The Industry Eye, Ed Pownall talks about the musical chairs at Paddy Power Betfair, the upcoming Mayweather-McGregor fight and a supposed “industry first” made by Metal Casino.

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  GLOBAL ROUND UP
 
  ASIA
Chinese tourists lift Bloomberry Q2 profit

Bloomberry Resorts said that the influx of Chinese tourists boosted its net income during the April to June 2017 period by 47 percent to PHP 1.96 billion (US$38.62 million).

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  EUROPE
Russia reports 235% jump in online gambling complaints

Russia's online watchdog Roskomnadzor said it received more than 38,700 reports related to unlawful distribution of online gambling-a 235% increase from the same period in 2016.

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  NORTH AMERICA
New casinos in NY post dismal revenues

The gambling revenues of New York's three new commercial casinos failed to live up to the state's expectations—with gross receipts at one gaming hall off about 40 percent.

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  FACT YOU NEED TO KNOW
 

In 2010, the mobile games industry was worth US$ 33 billion. In 2015, its worth ballooned to US$54 billion. That's a growth of 163% in five years.

 
  TIP OF THE DAY
 

To remove negative backlinks in your website, you can either use Google's disavow tool or simply contact the websites to remove them for you.

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  PRESS RELEASE
 

Worldpay predicts biggest-ever Premier League boost for Britain's bookies

Worldpay's data showed that there has been a significant rise in the popularity of online betting over the past two seasons of the Premier League, and this 2017/2018 season is no different.

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  SHOUT OUT
 

Poker players, pat yourselves in the back! For the first six months of 2017, members of the Raising for Effective Gaming (REG) were able to raise $686,095.58 to help various charities. Some of the groups that were able to receive money from the REG include the Schistosomiasis Control Initiative, Against Malaria Foundation, Machine Intelligence Research Institute, and the Future of Humanity Institute.

 
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