Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

Senator Bragg is right about it being an integrity measure, so that is the point of this amendment. I am advised that that decision by El Salvador has created uncertainty about the tax status of bitcoin in Australia and specifically whether it can be considered a foreign currency for tax purposes. This uncertainty could affect a large number of taxpayers. Over one million Australians are expected to report on crypto assets in their 2022-23 tax returns, and bitcoin is the most popular crypto asset in Australia.