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December 3rd - A research report from CICC stated that golds rapid rise since the beginning of the year has exceeded levels commensurate with fundamentals, potentially leading to increased volatility in the future. However, considering the Federal Reserve is still in a rate-cutting cycle and the dollars credibility has been damaged, we believe the gold bull market is not yet over and recommend maintaining an overweight position, increasing holdings on dips.On December 3rd, a research report from CICC stated that considering the possibility of a shift in the pace of interest rate cuts by the Federal Reserve in 2026, we expect increased volatility in dollar liquidity and the market environment after the December FOMC meeting. On the one hand, weak US growth and employment data, along with speculation about the next Fed chair, may push up expectations for rate cuts. On the other hand, inflation concerns among current Fed officials will suppress expectations for rate cuts. Therefore, we believe that the certainty of an easing trade is higher in early December, which is more favorable for the performance of various assets. Entering mid-to-late December, although global assets often experience a "Christmas rally," i.e., a temporary strengthening of risk assets such as US stocks and commodities, we believe that uncertainty will be relatively high this year.According to the New York Times, the United States has suspended processing all immigration applications submitted earlier this year by immigrants from 19 countries whose entry restrictions were imposed.On December 3, Colombian President Petro Petro warned on social media against threatening Colombian sovereignty, stating that "violating our sovereignty is tantamount to declaring war," in response to US President Trumps December 2nd claim that Colombia might be "attacked" due to its drug problem. Earlier that day, Trump told reporters at a White House cabinet meeting that drug labs in Colombia manufacture cocaine and sell it to the United States, and that any country that "traffickles drugs" to the US would be "attacked."Reserve Bank of Australia Governor Bullock: Be wary of accumulating inflationary pressures.

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.

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