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According to Forkast, the Australian Government has clarified that cryptocurrency will continue to be taxed as an asset class instead of a foreign currency in its 2022 budget released on Tuesday. This means crypto transactions are subject to capital gains tax where a profit for the year was made and if done through centralized exchanges. Budget papers also said that any central bank digital currency (CBDC) would continue to be treated as a foreign currency. Australia’s Reserve Bank is currently exploring its own CBDC, dubbed the “eAUD”; a pilot project will launch in January 2023 and is open to industry participants to offer submissions for possible use cases.

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【Australian 2022 budget confirms crypto assets will not be taxed as foreign currency】According to Forkast, the Australian Government has clarified that cryptocurrency will continue to be taxed as an asset class instead of a foreign currency in its 2022 budget released on Tuesday. This means crypto transactions are subject to capital gains tax where a profit for the year was made and if done through centralized exchanges. Budget papers also said that any central bank digital currency (CBDC) would continue to be treated as a foreign currency. Australia’s Reserve Bank is currently exploring its own CBDC, dubbed the “eAUD”; a pilot project will launch in January 2023 and is open to industry participants to offer submissions for possible use cases.

Australian 2022 budget confirms crypto assets will not be taxed as foreign currency

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