Australian Treasury Solicits Feedback On The Exclusion Of Bitcoin From Foreign Exchange Taxes

Australian Treasury ministerial department came out to the public for feedback on proposed legislation that, if implemented, would exempt cryptocurrencies from being taxed as a foreign currency.

Assistant Treasurer Stephen Jones underlined the Australian government’s intention to stop considering crypto assets to be foreign currency for tax purposes in a news release. The proposal, however, would not affect how capital gains taxes on cryptocurrency held as investments are collected.

From September 6 to September 30, the general public will have 25 days to voice their opinions on the proposed legislation.

If passed, the proposal will modify the Goods and Services Tax (GST) Act’s definition of digital currency, effectively eliminating cryptocurrency assets from the definition of foreign currency. GST is a comprehensive tax imposed on products, services, and objects bought, sold, or used in Australia.

If the respondent doesn’t actively opt out of having their personal information shared, the Treasury warned that their name and address will be made public.

The decision to ban cryptocurrencies from use as legal tender comes directly from El Salvador’s adoption of Bitcoin (BTC) as legal tender.

Australian hopes to reduce any potential issues associated with taxing crypto

Argentina’s Mendoza province has begun using cryptocurrency for taxes and fees. According to the Mendoza Tax Administration (ATM), accepting crypto payments gives people another way to meet their tax obligations. Furthermore, the action satisfies the organization’s own “strategic purpose of modernisation and innovation.”

Mendoza citizens can use any cryptocurrency wallet, including Binance, Bybit, and Ripio, to pay taxes through the ATM’s website starting on August 24. The technology generates a QR code based on the cryptocurrency the user chooses, which then uses an unnamed online payment processor to convert an equivalent amount of stablecoins to Argentine pesos.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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