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