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Buying in New Bitcoin Exchange Easier, Cheaper in the Land Down Under

Chris in Bitcoin & Cryptocurrency published on 21, October 2014

Independent Reserve

Australia has always been one of the most receptive nations when it comes to Bitcoin, and the launching of yet another Bitcoin exchange in the country is a clear proof.

Independent Reserve is the latest name that joined the growing Bitcoin market in Down Under. However, it opted to skip the Australian Securities and Investments Commission regulation by assigning Price Waterhouse Coppers to be in full charge of the auditing of the exchange’s finances.

CEO Adam Tepper assured that trading risks is reduced to the minimum level, ensuring the safety and security of the investors’ funds, stating:

“Our proprietary technology includes many levels of safeguards to ensure users are well protected. We have the last mover advantage, and have spent thousands of hours on R&D and learning from other venues to make sure our platform is completely robust.”

Back in August, the Australian Taxation Office ruled that Bitcoin is not a currency; instead, it is a commodity. This, therefore, had obligated individuals transacting using the digital currency to be subject to the goods-and-services tax (GST).

However, Independent Reserve has a different view on the matter and decided to unload the burden of paying GST from the Australians, CTO Adrian said:

“We provide an open marketplace for buyers and sellers to meet – we don’t buy or sell Bitcoin in its own right. Therefore we are not required to collect GST on the value of Bitcoin traded. We do include GST as part of the brokerage fee charged to Australian customers, but we absorb that cost.”

Based in Sydney, Independent Reserve maintains a secure location for its servers at two Tier 3 date centers in the city.

The launch of another Bitcoin exchange in the country is a positive sign for the rate of Bitcoin adoption. Australia, with great support for Bitcoin from its communities, shows in the pre-survey conducted by Independent Reserve that of 442 global consumers aged between 18 and 74, 20% said they will be using Bitcoin in the future and 60% said they possibly would.

These significant figures indicate the bright future of Bitcoin markets in the country. Aside from using the digital currency for daily transactions, Australian customers may also indulge in financial markets like Bitcoin forex trading and into the latest instrument Bitcoin binary options trading. Similarly, the Bitcoin gambling market will gain more following with a wider support and use for the cryptocurrency.