Why Was Bitcoin Classified as Money? 

The court stated that Bitcoin exhibits characteristics similar to a currency. For instance, Bitcoin is used as a medium of exchange. It also functions as a unit of account and a store of value. These features supported the court’s decision. Those who wish to purchase goods or services with Bitcoin may be exempt from CGT. This provides a long-term tax advantage. However, the ATO disagrees with this classification. The agency argues that Bitcoin should be treated as an asset. This is particularly significant for long-term Bitcoin investors, as it offers a substantial tax advantage. 

Impact of the Decision on the Crypto Market 

While this decision is seen as a major victory for the cryptocurrency community in Australia, it is not yet final due to the appeal process. On the other hand, if the ATO’s appeal is successful, the current tax regime will continue, and Bitcoin transactions will remain subject to CGT. 

If the appeal process concludes in favor of the ruling, Bitcoin transactions may become exempt from CGT. This could position Australia as a crypto-friendly country. The decision is drawing global attention. For example, countries like Portugal and Singapore offer similar exemptions. The development in Australia may influence other countries. It could also lead to demands for clearer regulations. The outcome of the appeal is of great interest to the market. 

Globally, this decision impacts the taxation policies of other cryptocurrencies. While many countries classify cryptocurrencies as assets, regions like Portugal and Singapore already offer exemptions from capital gains tax. 

Australian Court Another Case Bitcoin

In 2019, during a joint operation by the Australian Federal Police (AFP) and Victoria Police, a raid was conducted on a house in Melbourne as part of a drug trafficking investigation. During the raid, a Trezor hardware wallet containing 81.62 Bitcoin and its seed phrase were discovered. It took three weeks to access the wallet with court permission. However, when access was gained, the wallet was found to be empty, with the Bitcoins transferred four days after the raid on January 29, 2019. 

In 2021, using crypto-tracking software and IP address analysis, it was determined that the transfers were linked to Wheatley. It was alleged that Wheatley transferred the Bitcoin from the wallet to the Binance exchange, with some transactions connected to his bank account. 

During this case, an Australian court classified Bitcoin as “money.” The decision was based on arguments that Bitcoin functions as a medium of exchange, unit of account, and store of value. The court stated that these characteristics make Bitcoin similar to traditional fiat currencies. This means Bitcoin transactions may be exempt from capital gains tax. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Australian Court Recognizes Bitcoin as Money!  appeared first on Coin Engineer.

According to The Nation, the council aims to develop a comprehensive regulatory framework for cryptocurrencies to attract foreign direct investment (FDI) and position Pakistan as a leading crypto hub.

Support from Government Officials

The meeting brought together key stakeholders, including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Secretary of Information Technology.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Senator Muhammad Aurangzeb commented on the initiative:

“This is the beginning of a new digital chapter for our economy. We are committed to building a transparent, future-ready financial ecosystem that attracts investment, empowers our youth, and puts Pakistan on the global map as a leader in emerging technologies.”

Pakistan’s Shift Toward a Pro-Crypto Stance

This move marks a significant departure from Pakistan’s earlier anti-crypto policies.

In May 2023, former Minister of State for Finance and Revenue Aisha Ghaus Pasha stated that crypto would never be legalized in Pakistan, citing Financial Action Task Force (FATF) regulations as the primary obstacle.

Inspired by U.S. Pro-Crypto Policies

Pakistan’s new approach to cryptocurrencies closely follows developments in the United States. On November 4, 2024, coinciding with the U.S. elections, Pakistan’s government legalized cryptocurrencies as a medium of exchange. After Donald Trump’s re-election and his inauguration on January 20, 2025, the Trump administration quickly implemented pro-crypto policies.

On January 23, Trump signed an executive order establishing the Working Group on Digital Assets, which prohibits research into central bank digital currencies (CBDCs). In March 2025, Trump also announced the creation of a Bitcoin Strategic Reserve and a separate digital asset stockpile that will likely include cryptocurrencies developed by U.S.-based firms.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Bitcoin Mining Proposal from the Pakistan Crypto Council! appeared first on Coin Engineer.