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TechFlow news, May 19 — According to Bitcoin News, an Australian judge ruled in a criminal case that Bitcoin constitutes a form of currency rather than an asset, a decision that could exempt Bitcoin transactions from capital gains tax.
The report stated that if this ruling stands, it could lead to tax refunds of up to 1 billion U.S. dollars and fundamentally change the current way the Australian Taxation Office taxes cryptocurrency.
According to Bitcoin News, an Australian judge ruled in a criminal case that bitcoin constitutes a form of currency rather than an asset, a decision that could exempt bitcoin transactions from capital gains tax. The report stated that if this ruling is upheld, it could lead to tax refunds of up to 1 billion USD and fundamentally change the current way the Australian Taxation Office taxes cryptocurrency.
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