EUR/USD 1.18187
0.279%
Gold 5154.02
1.121%
Oil 65.678
-0.968%
USD/JPY 154.444
-0.397%
GBP/USD 1.35164
0.203%
GBP/JPY 208.757
-0.194%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Bank of Korea (BOK) said that supported by a booming semiconductor industry and a stronger-than-expected global economic environment, South Koreas export-oriented economy is expected to achieve "significantly higher" growth this year compared to last year. The BOK told parliament that the semiconductor market is experiencing a cycle stronger than any previous rally and is likely to maintain its stronger momentum for at least the year. These remarks come as the BOK is set to release its latest economic growth and inflation forecasts on Thursday. Analysts expect the bank to raise its 2026 GDP growth forecast to around 2% from 1.8% in November. The market widely expects policymakers to keep the benchmark interest rate unchanged at 2.5%. Preliminary data from the BOK showed that the South Korean economy grew by 1% last year.On February 22, Gongbei Customs inspected and cleared 26,900 inbound and 18,700 outbound passenger vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge, both record highs. In the first eight days of the holiday (February 15-22), customs inspected and cleared a total of 175,000 inbound and outbound passenger vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge, an increase of 11.2% year-on-year. Among them, 135,000 were Hong Kong and Macau single-plate vehicles heading north, an increase of 16.3% year-on-year. On February 21, 15,400 Hong Kong vehicles heading north were inspected and cleared, setting a new single-day record.U.S. Customs and Border Protection announced that it will cease imposing tariffs under the International Emergency Economic Powers Act at 12:01 a.m. Eastern Time on Tuesday, February 24 (1:01 p.m. Beijing Time).February 23rd, Futures News: Economies.com analysts latest view: Brent crude oil futures prices have retreated, attempting to find a higher retracement low as a base to help them gain the necessary bullish momentum for a rebound and further gains. In the short term, the main bullish trend remains dominant, and prices continue to trade above the 50-day EMA, further enhancing the likelihood of a short-term rebound. Meanwhile, the Relative Strength Index (RSI), after digesting overbought conditions, has shown positive converging signals, providing strong support for Brent crude oil futures to achieve new gains.JPMorgan CEO Jamie Dimon attempted to explain the $2 billion weekly cost bill to JPMorgan investors.

Crypto industry disappointed as Australia looks to enshrine tax rules

Cory Russell

Oct 27, 2022 16:16

微信截图_20221027114749.png


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.

Suggestion