Crypto industry is disappointed after Australia's recent attempts

Recently, bad news continues to come one after another in the crypto money community. In this context, the sector experienced yet another disappointment. The cryptocurrency industry expressed disappointment on Wednesday over Australia's decision to continue treating digital currencies as assets rather than foreign currency for tax purposes.

Crypto industry is disappointed after Australia's recent attempts

In its budget announcement on Tuesday, the government said it would introduce legislation to treat digital currencies like Bitcoin as assets. As a result, investors would be subject to capital gains tax when trading digital assets and selling crypto assets on exchanges. The Australian government stated in its budget announcement that the legislation removes uncertainty following El Salvador's decision in September of last year to accept Bitcoin as legal tender. However, Australia stated that government-issued or central bank digital currency (CBDC) would be considered foreign currency.

The majority want to stay ahead of Bitcoin and other cryptocurrencies, but they're having trouble with the technical complexities. The budget change, according to Mitchell Travers, founder of blockchain consulting firm Soulbis and former operator of cryptocurrency exchanges, appeared to conflict with government testing into the feasibility of a CBDC.

It is stated that "It would be ill advised for the government to really take an enforcement approach to the taxation of crypto assets in its early stages, especially considering the fact that the Treasury is also investing in attempting to migrate the traditional technology systems that back our financial system over to digital assets."

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