💥Australia may reconsider taxes on #bitcoin after court ruling

A recent court decision in Australia has shaken the tax stance on Bitcoin. A judge ruled that the cryptocurrency should be considered money and not a taxable asset, in a case of theft of $BTC . This interpretation challenges the classification of the Australian Taxation Office (ATO) that has taxed Bitcoin transactions since 2014 under capital gains tax.

If upheld on appeal, this ruling could set a precedent for massive tax refunds, estimated at up to 640 million Australian dollars. Although the ATO does not confirm figures, the decision opens a crucial debate about how cryptocurrencies are taxed, potentially transforming the tax landscape for Australian Bitcoin investors.