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ATO monitors Bitcoin to trap tax dodgers

 

 afr.com / By Katie Walsh and Jason Murphy / PUBLISHED: 24 Jun 2013 00:05:00 | UPDATED: 24 Jun 2013 16:16:57

The Australian Taxation Office is taking aim at Bitcoin users who could be attracted to the burgeoning virtual currency by the possibility of hiding transactions and dodging tax.

Despite the ability to trade virtual currencies like Bitcoin anonymously, the ATO is confident it can track users in efforts to stop fraud.

“Bitcoin is no more anonymous than physical cash and the ATO has experience in working with earlier forms of ­anonymous electronic money systems, and with physical cash, which are relevant for responding to new and emerging ­systems,” ATO senior assistant ­com­missioner for the cash economy Michael Hardy told The Australian ­Financial Review.

The ATO confirmed that it is monitoring the currency, along with other electronic payment systems. Last week it was revealed that the currency is facing ­scrutiny from the US revenue authority.

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