Aussie federal budget reaffirms BTC won’t be treated as foreign currency
The new federal budget states that Bitcoin will fall under the “current tax treatment of digital currencies, including the capital gains tax treatment, where they are held as an investment.” The first federal budget under the Anthony Albanese led-government has outlined that Bitcoin (BTC) will continue to be treated as a digital asset, and not taxed like a foreign currency.This clarification comes in response to El Salvador’s adoption of BTC as legal tender in September last year, with the Australian government essentially ruling out a shift in classification despite it being used as a....
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The Swiss Parliament is considering a postulate that asks for bitcoin to be treated as any other foreign currency. The goal of the postulate, introduced by representative Thomas Weibel, is to eliminate ambiguities and increase legal certainty related to bitcoin. If it is approved by parliament, it will be submitted before the Federal Council, Switzerland's principal executive institution. If the Federal Council agrees that bitcoin should be treated like other foreign currencies, it will also evaluate how to implement the postulate. In addition, the executive was asked to examine the....
Amidst the world’s jurisdictions preparing legislation for the crypto sector, Australia adopts a less-favoured approach when it comes to taxation. On Tuesday, Australia released its national budget for the year 2022-2023. The Aussie government mentioned in the papers that digital assets would be recognized as an asset class regarding tax policies and not as foreign […]
Just in time for the income tax filing deadline comes a news release from the Internal Revenue Service (IRS) regarding the taxation of bitcoin and other digital currencies. In short, the notice states that virtual currency shall be treated as property for federal tax purposes in the United States. Some interesting points: Virtual Currency not treated as currency that can generate foreign currency gains/losses. Taxpayers are liable for determining the fair market value of their virtual currency. Taxpayers must report gains/losses upon exchange from virtual currency to fiat currency, for....
According to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over and the Covid-19 pandemic has fueled the tragedy. During his speech at the National Association for Business Economics annual meeting, Powell highlighted that the federal budget was essentially a disaster, but stressed that “now is not the time to give priority to those concerns.” The Fed’s Chairman, Jerome Powell, doesn’t seem enthusiastic about the American economy after the central bank funneled $9 trillion into the hands of private trading houses. Powell....
A document issued by the Russian Federal Tax Service finally presents the first official position on the status of Bitcoin and cryptocurrencies in Russia, equating them to foreign currency. ‘No Specific Legislation’ Banning Bitcoin in Russia. The formal letter, dated 3 October 2016, states that for legal purposes, cryptocurrencies should be treated as any other foreign currency. These require no financial reporting of transactions. The legal consultant for Deloitte and head of the Russian blockchain community, Artem Tolkachev summarized the document: The concepts of surrogate money,....