Australian Government Asks Pension Applicants to Declare their Digital Currency Assets

0
106

Australian Government Asks Pension Applicants to Declare their Digital Currency Assets

As digital currency Bitcoin is increasingly being considered an asset, the governments too have started paying attention to it; a new row came in when the government of Australia asked its pensioners to disclose their assets saved in digital currencies like Bitcoin. This came to notice when the new pension application form came in with a new column.

According to the government authorities a small addition to a pension application form wherein it asks the applicants declare their “cyber currency” assets such as Bitcoin is like any other asset as it can be converted to regular currencies. Some observers believe that the latest addition of the column has subtle meaning and a sort of understanding that Bitcoin is an asset.

The new column regarding the digital currency assets also legitimizes the concept of digital wealth beyond a niche area. On page 14 of the application form published by the Department of Human Services (DHS), Bitcoin is listed alongside other potentially valuable assets like taxi plates, time shares, racehorses, greyhounds, travelers’ cheques, etc.

The page also contains collectables such as stamps, wine, art and fishing licenses. The move according to Jason Williams, the head of Australia’s local Bitcoin Foundation chapter, the Bitcoin Association of Australia, his organization is “delighted” by Bitcoin’s inclusion and recognition by a federal government department.

Bitcoin is Being Legitimized by the Government of Australia

Jason Williams believes that by including Bitcoin and other digital currencies on one of its standard forms, the national government is recognizing these are indeed forms of wealth, and they have also become mainstream as wealth. The digital currency may no longer be ignored by the government agencies.

According to Jason Williams with the addition of digital currency in the form the government is making a clear statement that digital currencies are legitimate and a form of wealth. The government no longer treats Bitcoin and other digital currencies as a niche but an asset. He believes that the official recognition will further help the digital currency.

He says not only does this legitimize Bitcoin as a form of wealth, the very inclusion of Bitcoin into official government documents indicates there is real effort by the government into understanding and realizing cyber currencies in general, and Bitcoin in particular, are technologies that are set to be a permanent part of our financial landscape.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com