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South Korean customs: South Korea imported 10.8 million tons of crude oil in November, compared with 11.3 million tons in the same period last year.On December 14th, according to a report by Ukraines Interfax news agency, Ukrainian President Volodymyr Zelenskyy stated that the US demand for a unilateral withdrawal of Ukrainian troops from eastern Ukraine and the establishment of a "free economic zone" there is "unfair," and Ukraine needs to realistically view the peace process. Zelenskyy told the media that according to the USs "compromise plan," Russian troops would not be allowed to enter parts of eastern Ukraine, while Ukrainian troops would withdraw from these areas and establish a "free economic zone." "I think this is unfair because there is no stipulation on who will manage the economic zone," Zelenskyy said. He added that if Ukrainian troops withdraw, Russian troops should also withdraw, a problem that currently "has no answer, but is very sensitive and thorny." If a "buffer zone" is established along the military contact line, with only police deployed to maintain order, and troops withdrawn, "then the problem becomes very simple."December 14 - According to the Japan Meteorological Agency, a magnitude 4.9 earthquake struck off the coast of the Noto Peninsula, Japan, at approximately 11:26 PM local time on December 14, with a depth of 10 kilometers. There is no risk of a tsunami.On December 14th, the Financial Times analysis pointed out that given ECB President Christine Lagardes view that the bank is in "good shape," investors unanimously expect the ECB to keep its benchmark interest rate unchanged at 2% next week, instead focusing on its economic forecasts. Lagarde stated this week that ratemakers may again raise their growth forecasts for the Eurozone at their meeting. These stronger growth forecasts, along with persistent inflation, have recently led traders to increase their bets on an ECB rate hike next year. However, as the potential shift in monetary policy direction remains controversial, and this change has only recently been reflected in swap market pricing, traders will pay particular attention to clues about the timing of rate hikes; any adjustments to policy signals are expected to be subtle. George Moran, a Eurozone economist at RBC Capital Markets, said he expects the ECB not to raise rates in 2026 because "cyclical tailwinds are likely temporary." He added that the ECB has "made it clear that it does not want to overreact to temporary deviations from its targets."On December 14th, according to the Ukrainian National News Agency, Ukrainian President Volodymyr Zelenskyy told the media that he had informed members of the Verkhovna Rada (parliament) to prepare contingency plans for a possible election soon. Zelenskyy said, "Most importantly, I will not cling to the presidency. I believe Ukraine should be prepared for any changes." He said he had asked partners for help in resolving election security issues, and he had also informed Verkhovna Rada members to prepare contingency plans for a possible election soon. Zelenskyy said he had received "signals" from the United States and President Trump regarding the Ukrainian presidential election, adding, "Whether these signals come only from the United States or also from Russia, I do not want to comment at this time."

Crypto industry disappointed as Australia looks to enshrine tax rules

Cory Russell

Oct 27, 2022 16:16

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The cryptocurrency sector expressed its disappointment on Wednesday with Australia's decision to keep classifying cryptocurrencies as assets for tax reasons rather than foreign currency.


In its budget presentation on Tuesday, the government said that it will submit laws to formalize the classification of virtual currencies like Bitcoin as assets.


This implies that when investors sell cryptocurrency via exchanges or engage in digital asset trading, they must pay capital gains tax on their earnings.


The law eliminates confusion that followed El Salvador's decision to declare Bitcoin legal cash in September of last year, according to the Australian government's budget release.


However, Australia said that central bank digital currency (CBDC), or cash issued by the government, would be considered as foreign money.


Approximately 90% of the central banks throughout the globe are currently utilizing, testing, or researching CBDCs. The majority are attempting to avoid falling behind Bitcoin and other cryptocurrencies but are having trouble due to technical challenges.


The budget shift, according to Mitchell Travers, the founder of blockchain consulting firm Soulbis and a former operator of cryptocurrency exchanges, is ambiguous and seems to be at conflict with government research into the sustainability of a CBDC.


Given that the Treasury is also investing in attempting to shift the traditional technology systems that support our financial system over to digital assets, Travers said it would be unwise for the government to really take an enforcement approach to the taxation of crypto assets in its early stages.


If they were to impose the taxation of digital assets and then introduce its own CBDC without precise specifications of what token corresponds to what tax classification, it would be an amusing paradox.

The Treasury said in August that it will prioritize "token mapping" work, which would assist determine how crypto assets and associated services should be regulated. The Australian crypto industry is mainly uncontrolled.


The sharp decline in cryptocurrency values caused El Salvador, which became Bitcoin legal money last year, to suffer significant economic losses.


According to Caroline Bowler, CEO of BTC Markets, an Australian cryptocurrency exchange, "I think they are taking a snapshot in time and making an assessment for a long time around what happened in El Salvador and the price of bitcoin." She added that Australia will lag behind other nations that are adopting a more open-minded strategy.


The United Kingdom now has a prime minister who is conversant with central bank digital currencies, so Bowler predicted that Europe would gain ground. If we don't consider proportionate, sensible regulation, all these trade partners will surpass Australia.