Most major cryptocurrencies have once again suffered from a market-wide downturn.(IBTimes UK) <\/p>\n
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. <\/p>\n
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. <\/p>\n
Inquiry into Australian bitcoin taxation <\/p>\n
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. <\/p>\n
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. <\/p>\n
\"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. <\/p>\n
\"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.\" <\/p>\n
BitPAC to donate to politicians <\/p>\n
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. <\/p>\n
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