RATE Group | Cryptocurrency investment in SMSF – Lexology
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Cryptocurrency investment in SMSF – Lexology

21 Aug Cryptocurrency investment in SMSF – Lexology

Posted at 21:39h in Cryptocurrency News by

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The emergence of cryptocurrencies into the mainstream discussion of financial investment has seen an increasing number of our clients considering whether cryptocurrencies, such as Bitcoin, may be acquired by their self-managed super fund (SMSF).

What are cryptocurrencies?

Cryptocurrencies are based on blockchain technology. Blockchain, in simple terms, is technology that allows records of truth without the need for a trusted intermediary, such as a bank. This allows information to be recorded on ledgers and verified through different users on the blockchain. This technology can be used to support cryptocurrencies, which function through blockchain systems and are similar to a digital currency.

The appeal of cryptocurrencies has a nexus with blockchain technology, as they theoretically have the potential to provide a decentralised currency that can be used as a replacement for or addition to current global currencies. This has driven interest in cryptocurrency investment and has…

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