How does the concept of franking credits apply to digital currencies like Bitcoin?

3 answers

• Feb 18, 2022 · 3 years ago
  Sure! Franking credits are a tax credit that shareholders receive in Australia for the tax paid by the company on its profits. However, franking credits do not directly apply to digital currencies like Bitcoin because they are not issued by a company. Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, so there is no central authority or company to pay taxes on its profits. Therefore, the concept of franking credits is not applicable to Bitcoin or other digital currencies.
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• Feb 18, 2022 · 3 years ago
  Franking credits and digital currencies like Bitcoin are completely unrelated. Franking credits are specific to the Australian tax system and apply to shareholders of companies. Bitcoin, on the other hand, is a decentralized digital currency that operates outside of any specific country's tax system. So, while franking credits may be relevant to traditional investments in Australian companies, they have no bearing on the world of digital currencies.
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• Feb 18, 2022 · 3 years ago
  BYDFi, a digital currency exchange, does not directly deal with franking credits as they are specific to the Australian tax system and traditional investments in companies. However, BYDFi provides a secure and efficient platform for trading digital currencies like Bitcoin. If you have any questions about digital currencies or trading on BYDFi, feel free to ask!
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