Are NFTs taxable in Australia?

The biggest risk is the fear of a sudden ban by a regulator or sovereign authority on any or all Bitcoin-related activities.

The Australian Taxation Office (ATO) has clear guidelines on how crypto assets, including Bitcoin, altcoins (alternative cryptos like Ether), and non-fungible tokens (NFTs), are treated for tax purposes.

It is not clear whether the eventual CBDC of Australia would be based on Ethereum’s blockchain or not, but any progress in this regard would be closely watched by ETH enthusiasts.

The project is headed by Kenneth Wilson, who acts as CEO & CTO. Wilson also operates under the moniker “Mr. Fly”.

Ether is used as ‘money’ within Ethereum, but it cannot be compared with legal tender like the US dollar.

Since any sovereign authority does not issue stablecoins like USDT and USDC, adequate reserves in cash and cash equivalents must be maintained.

Proponents expect that by adding new features like an in-house blockchain, SHIB can gradually overcome the tag of a shit coin.

Cryptocurrencies are risky not for one but for many reasons. The primary reason is that no major country, including the US, China, and Australia, favours the use of cryptos in payments.

The design of any CBDC, be it that of China or Australia, is only a subject of speculation. But the RBA’s whitepaper says that the pilot eAUD would use Ethereum’s permissioned blockchain.

Musk once hinted that he was working with DOGE developers to make the cryptocurrency more efficient, but no further details have been provided.