Australia-based bitcoin startup Living Room of Satoshi, which allows customers to pay their bills in bitcoin, is now re-opening its doors following its sudden close last October in response to the country’s sales tax rules.
While the 10% GST (goods and services tax) on customers buying and selling bitcoin is still very active, the bitcoin industry has changed quite a bit according to the company’s founder Daniel Alexiuc, thus giving him enough confidence that customers will once again be eager to use the site and take advantage of the company’s offerings.
“There are now many more options for small Australian businesses like ours to buy and sell bitcoins internationally and locally in compliance with the tax ruling, which has allowed us to reopen for business.”
Further elaborating on the recent double GST ruling, the tax that originally prompted the site’s closure, Alexiuc states that he still heavily believes it to be damaging to the community and related business:
“We still firmly believe that the double GST needs to be repealed for bitcoin to be ultimately useful as a currency in Australia… As a company, I am disappointed that we can’t support most Australian exchanges at the moment, because there are some very talented and professional outfits operating here. However, we are able to sell our coins overseas, and to Australian exchanges that comply with the GST ruling for business customers.”