Australian Court Rules Bitcoin as Money, Opens $640M Tax Refund Door

An Australian court ruling has designated Bitcoin as money, potentially unlocking up to $640 million in capital gains tax (CGT) refunds for cryptocurrency transactions. Judge Michael O’Connell of Victoria made this decision after determining that Bitcoin should be treated like traditional currency rather than a taxable asset. This legal precedent could impact Australia’s long-standing CGT regime governing crypto taxation, potentially shifting the classification of Bitcoin from property to money for tax purposes.