A 16 June 2020 decision of the Administrative Appeals Tribunal of Australia has been published regarding whether cryptocurrency can be treated as foreign currency for income tax purposes. The case involved Seribu Pty Ltd, which dealt in bitcoins. The company made a loss on those dealings and claimed it should be entitled to deduct that loss under the rules in Div 775 as a loss on foreign currency. The Commissioner of Taxation, however, held that a cryptocurrency like bitcoin is not a foreign…