Australia has just released its 2022/2023 budget and the announcement is getting noticed. Indeed, cryptocurrencies are not considered as foreign currencies but as an asset class to everyone's surprise.
Mis à jour le 12/05/2022 à 00:17
This is a great first for the Australian budget which now includes cryptocurrencies. A notable step forward at a time when more and more states are beginning to consider cryptos as such.
Like many others, Australia has implemented tax systems on cryptocurrency profits. In their case, crypto transactions are taxable if they make a profit and if they are initiated from a centralized exchange.
The crypto transactions concerned will now have to be declared in the citizens’ tax form as an asset class and undergo the appropriate taxation.
If cryptocurrencies, digital assets, are well considered as an asset class, there is a difference to be made with CBDCs. Indeed, the latter are considered differently. CBDCs are Central Bank Digital Currencies.
With the arrival of cryptocurrencies, digital currencies have entered the public debates of different countries. They want to get up to speed by creating their state digital currency.
These would have the technical characteristics of cryptocurrencies while being regulated by the Central Bank like fiat currencies.
Australia is no exception and plans to launch its own token: the eAUD, in other words the digital Australian dollar.
The pilot project for this digital dollar should see the light of day in early 2023.
If the states of the world are rushing to make their own token, it is because they do not want to fall behind and compared to Bitcoin and other cryptos.
On the other hand, these state digital currencies should be considered foreign currencies and not asset classes like cryptocurrencies.
The crypto community is not so happy with this news, which they find anti-productive and not encouraging for the general adoption of cryptocurrencies.
However, these taxations are not an exception across the globe and all countries are adopting measures to tax cryptos and profits earned by investors.
There is a certain optimism to be drawn from this kind of project because they mean that the world is moving in the direction of crypto and that states are adopting more and more measures in this direction. These advances are encouraging for the crypto ecosystem.
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Web editor for many years and SEO specialist, Thomas became an editor for InvestX when the site was launched. Passionate about the field of crypto and Web3, Thomas has made it his mission to deliver maximum value and introduce readers to the world of blockchains, considered for him as the world of tomorrow.
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