The public had 25 days to give their opinion on the proposed legislation.

Australia’s Treasury Department has asked the public for advice on a bill that, if passed, would remove taxation of cryptocurrencies as a foreign currency.

In a press release, Assistant Treasurer Stephen Jones emphasized the Australian government’s intention to exempt cryptocurrency assets from foreign exchange for tax reasons. However, the legislation will not affect the levying of capital gains taxes on cryptocurrencies held as investments.

The public had 25 days from September 6-30 to give their opinion on the proposed legislation.

If signed into law, the legislation will amend the existing definition of digital currency in the Goods and Services Tax (GST) Act, effectively excluding cryptocurrency assets from the foreign currency definition. GST is a universal tax levied on goods, services and goods sold or consumed in Australia.

The Treasury noted that a respondent’s personal information, including name and address, would be released unless the respondent objects in advance.

The decision to ban cryptocurrencies from forex trading is a direct result of El Salvador’s acceptance of Bitcoin (BTC) as legal tender. Australia plans to minimize the potential uncertainty surrounding cryptocurrency taxation through this legislation.

Related: Australia’s new government is finally signaling its stance on crypto regulation

Mendoza, a province in Argentina, has started accepting cryptocurrencies to pay taxes and fees. The Tax Administration of Mendoza (ATM) said that allowing crypto payments gives taxpayers an additional way to meet their tax obligations. In addition, the move fulfills its own “strategic goal of modernization and innovation”.

Starting August 24, Mendoza residents will be able to use the ATM site to pay taxes with any crypto wallet, including Binance, Bybit, and Ripio. The system generates a QR code based on the cryptocurrency selected by the end-user, which then converts the corresponding amount of stablecoins into Argentine pesos via an unknown online payment processor.

Source: CoinTelegraph

LEAVE A REPLY