Taxation of international cryptocurrency payments discussed at the G20 summit
At the G20 summit in Buenos Aires these days, the participating countries reached a conclusion that could have far-reaching implications for the cryptocurrency industry. Politicians signed a document indicating their intention to start working on creating uniform tax rules for this industry, writes Finance Magnates.
The declaration mentions the creation of an international system for taxing cross-border payments. This clause is of particular importance, since at present, states cannot tax foreign companies that do not have a physical presence in their territory. However, there is evidence that cryptocurrencies are being used to abuse this rule, notes Japanese news outlet jiji.com..
The agreement also speaks about combating money laundering using cryptocurrencies as one of the topical topics for the politicians who attended the meeting..
According to the document, all the G20 member countries will individually develop proposals and discuss them at a meeting next year in Japan. Presumably, they intend to complete work in this direction by 2020..
Several countries, including France and Japan, have long called for the issue to be raised internationally. In October, the Financial Stability Board said that in its current form, the cryptocurrency market does not threaten the stability of the global economy, but urged regulators to closely monitor it. He sees the institutionalization of the cryptocurrency space as a negative factor, since new payment instruments can undermine the trust and authority of financial institutions..
The topic of cryptocurrencies was also raised at the March G20 summit. Then the key conclusion of the discussion was the recognition of the need for international cooperation for the effective regulation of this market..
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