Cryptocurrency Round-Up: Australian Bitcoin Inquiry and Rand Paul Donation

Most major cryptocurrencies have once again suffered from a market-wide downturn.(IBTimes UK)

Bitcoin and other cryptocurrency markets have taken another tumble following a few days of relative stability, with dogecoin the worst affected by the downturn with a price dive of over 15% since yesterday.

Across all markets, one of the biggest gains came from Isracoin, the unofficial cryptocurrency of Israel. A second airdrop to Israeli citizens is currently underway, which has pushed Isracoin's price up by 35% over the last 24 hours.

Inquiry into Australian bitcoin taxation

An inquiry into the definition of cryptocurrencies like bitcoin under Australian taxation laws has been called for by chairman of the Australian Digital Currency Commerce Association (ADCCA), Ronald Tucker.

In August 2014 the Australian government classified bitcoin as a non-monetary entity as a result of concerns it could be used to assist tax avoidance.

"I am pleased the inquiry announced today will look at tax treatment issues, which I hope will lead to a correction of the current interpretation of bitcoin as a taxable supply," Tucker said in a statement.

"ADCCA recognises the need to bring digital currencies under the auspices of appropriate regulatory bodies to ensure the highest standards of consumer protection and safeguard national security."

BitPAC to donate to politicians

Eight US Congress members, including Rand Paul, Chuck Schumer, and Paul Ryan, are to receive $250 in bitcoin donations as part of a new initiative to spread political awareness of the cryptocurrency.

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Cryptocurrency Round-Up: Australian Bitcoin Inquiry and Rand Paul Donation