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The Australian court ruling may lead to a $640 million Bitcoin tax refund.
PANews May 19 news, according to Cointelegraph, a criminal case ruling in Australia may trigger a $640 million Bitcoin tax refund. Judge Michael O'Connell of Victoria ruled in a case involving the theft of 81.6 Bitcoins (currently valued at about $13 million) that Bitcoin should be considered currency rather than a taxable asset.
The ruling directly challenges the Australian Taxation Office's (ATO) position since 2014, which has classified cryptocurrencies as capital gains tax (CGT) assets. Tax lawyer Adrian Cartland pointed out that if the ruling is upheld on appeal, it could lead to a total of AUD 1 billion (approximately USD 640 million) in tax refunds for Bitcoin traders. The ATO has not yet confirmed the specific amount of refunds. It is noteworthy that the judge compared Bitcoin to Australian.
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