EUR/USD 1.17963
0.019%
Gold 4488.04
0.084%
Oil 58.352
-0.046%
USD/JPY 155.834
-0.267%
GBP/USD 1.35223
0.037%
GBP/JPY 210.642
-0.230%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The euro fell to a two-week low of 11.7779 against the Norwegian krone (EUR/NOK).According to RIA Novosti: Russian troops have occupied Zarichne in eastern Ukraine.Gold prices climbed again on December 24th, continuing their upward trend after hitting a record high in the previous trading session. Swissquote Bank senior analyst Ipek Ozkardeskaya pointed out that gold prices have broken historical highs more than 50 times this year, and the core factors driving the current price increase have not subsided. She stated, "Theoretically, the medium- to long-term outlook for gold remains optimistic."On December 24th, two Japanese government sources revealed that the Japanese government plans to reduce the issuance of new ultra-long-term government bonds to approximately 17 trillion yen in fiscal year 2026, the lowest level in 17 years. This move is intended to address market concerns about an oversupply of government bonds, with yields on ultra-long-term Japanese government bonds recently surging to record highs. The sources indicated that, as part of the new fiscal years bond issuance plan, the Ministry of Finance will also temporarily suspend increases in the issuance of benchmark 10-year Japanese government bonds. This adjustment highlights the Japanese governments sensitivity to the recent continued rise in government bond yields. Sources familiar with the matter said that the Ministry of Finance is considering reducing the monthly issuance of 20-year, 30-year, and 40-year Japanese government bonds by 100 billion yen each in fiscal year 2026. If this plan is implemented, the total annual issuance of ultra-long-term government bonds will fall to the lowest level since 2009 and is lower than the planned size for the current fiscal year ending in March 2026. The Ministry of Finance declined to comment.On December 24th, Pfizer (PFE.N) announced that a patient participating in a long-term study of its hemophilia drug died after experiencing severe side effects. Pfizers stock price closed down more than 1% that day. In a statement, Pfizer responded to the patients death, saying, "Pfizer, together with the trial investigators and an independent external data monitoring committee, is actively gathering information to better understand the complex, multifactorial circumstances surrounding this event." The company also stated that, based on its current understanding and overall clinical data collected to date, Pfizer does not expect the patients death to have any impact on the safety of patients receiving the drug.

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