G20 Countries Propose Cryptocurrency Taxation

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Total News – Atlanta, GA 12/3/2018. The G20 countries have published a joint declaration agreeing that the member countries will come together on the issue of cryptocurrency taxation.

According to the declaration, the countries would continue to monitor the global economy, which is rapidly being digitalized, adding that it "would seek a consensus-based solution to address the impacts of the digitization of the economy on the international tax system with an update in 2019 and a final report in 2020."

The article is said to call for a "taxation system for cross-border electronic services."

According to FXStreet, the G20 leaders also agreed to have a unified approach to crypto regulation in compliance with standards of Financial Action Task Force.

The official declaration states:

"We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards, and we will consider other responses as needed." 

The G20 is an international forum of the 20 most powerful countries in the world where they meet and key issues in the global economy. Mauricio Macri, President of Argentina, is the current chairman. This year, the G20 summit was held in Buenos Aires.
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