EUR/USD 1.18921
-0.172%
Gold 5028.49
-0.587%
Oil 64.071
-0.322%
USD/JPY 154.342
-0.990%
GBP/USD 1.36390
-0.413%
GBP/JPY 210.511
-1.387%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On February 11, two Democratic governors—Wes Moore of Maryland and Jared Polis of Colorado—announced that they had been removed from invitations to a White House dinner. The dinner was part of the National Governors Associations winter meeting, a bipartisan organization of 50 governors from across the country, originally scheduled to take place in Washington, D.C., from February 19-21. White House Press Secretary Levitt defended the event, stating, "This is the peoples house, and its the presidents house, so he can invite whoever he wants to the White House for dinners and events." The annual governors gathering is a rare bipartisan event in Washington, D.C., but Trumps decision to exclude Democrats from certain events has thrown the meeting into disarray. The National Governors Association stated that it will not assist in holding formal meetings at the presidential residence unless all governors are invited. On Tuesday, 18 Democratic governors also announced they would boycott dinners with Trump.February 11 – A Boeing (BA.N) executive stated at a conference north of Seattle that Boeing plans to increase monthly production of its core 737 family of aircraft to 63 aircraft within the next few years. Katie Ringgold, Boeings 737 program manager, said Tuesday at the Pacific Northwest Airlines Conference that the company has installed tooling to support the new 737 final assembly line in a traditional wide-body aircraft factory and is recruiting mechanics and engineers, preparing to begin production by mid-year. She indicated that production of the narrow-body aircraft should increase by approximately 15% over the next 18 months. Maintaining a steady recovery in 737 production is crucial for Boeing to turn around its financial situation and repay its debts; the aircraft is a key source of revenue for Boeing.Sources say Total Energy has acquired 100% ownership of the Zeeland refinery, which was previously co-owned by Russias Lukoil.According to Punchbowl: U.S. Treasury Secretary Bessent has postponed his meeting with Republican finance lawmakers.Boeing executives: Boeing 737 MAX suppliers should prepare for a 15% rate increase within the next 18 months.

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