A small-town pie shop from Uralla is making history by becoming one of the first businesses in regional Australia to accept Bitcoin. Transactions in the cryptocurrency can now be processed at its two locations in Uralla and Tamworth. Video by Jonathan Hawes, Peter Hardin, and Gareth Gardner
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00:00So Tim will purchase the flyer, I will then generate an invoice on the Lightning Network
00:16Bitcoin.
00:17I'll go to what it costs in Australian dollars, we'll enter the amount, then we'll generate
00:25the Bitcoin invoice, Tim, and we'll scan his phone.
00:33So I just received.
00:39Just downloaded an Apple wallet, so it's just an app, very simple, very easy, Adam downloaded
00:45one, I downloaded one, and he receives, I sent it for the purchase of the pie, and it
00:52was done within a couple of seconds.
00:54Are cryptocurrency transactions taxed in Australia?
00:57Correct, they definitely are, and this is where the rules and the laws need to change
01:02to be able to transact day-to-day in Bitcoin.
01:06Bitcoin is actually viewed as property.
01:08So every time you transact in Bitcoin, it's a taxable event.
01:14So that would need to change before it became mainstream.