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Does bitcoin now fit the accounting definition of cash?

Does bitcoin now fit the accounting definition of cash?

With bitcoin being declared legal tender in El Salvador and more generally gaining acceptance as a transaction currency across the world, does this cryptocurrency now meet the definition of cash, as outlined by the Australian Accounting Standards Board and other standard-setters around the world?

by Shared from nestegg.com.au | Jan 26, 2022

ATO to crackdown on Australians investing in crypto assets

In Australia, cash and cash equivalents are defined in reporting standards (AASB 107) as the following:

• Cash comprises cash on hand and demand deposits.

• Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk in changes in value.