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Cryptocurrency tax is now on the G20 agenda



Cryptocurrency tax

The world’s leading economic nations are looking to have cryptocurrency taxation plans ratified by 2020…

World leaders and legislators have been gathering in Argentina these past few days for the latest G20 conference. It made headlines over the weekend when American President Donald Trump wandered off stage early, leaving the Argentinian premier bemused. But behind closed doors, lots of other things have been happening, and cryptocurrency has found itself back on the agenda.

Cryptocurrency has been on the radar of governments around the world this year as it stands, not least with treasury departments wanting to ensure that they’re getting what they feel is owed to them. With that in mind, a document has been produced at the conference, and signed by those in attendance, agreeing that the member countries will come together on the issue of cryptocurrency taxation.

Specifically, that the countries – and the G20 comprises the world’s more advanced economies – will gather together to come up with a solution to the issue of cryptocurrency tax, one that they will all ultimately abide by.

It’s believed they’re looking in particular at some kind of cross-border payment taxation system. Also in the mix are tools to tackle money laundering.

In terms of timescales, the assorted countries will be working on a draft proposal ahead of a further G20 get together in Japan that takes place in 2019. After that, the plan is to have a final document ready to enact in time for a G20 get-together in 2020. We should get some clues as to what that’ll entail over the next 12 months.
Image: BigStock

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