Leaders of G20 Nations Call for Taxation of Cryptocurrency

10376 Total Views

Japanese news outlet Jiji.com reports on 2nd Dec., the G20 nations have called for the taxation of digital currencies, and its regulation to combat money laundering.

As per Jiji.com, the final text of a document jointly delivered by G20 leaders call for a ‘taxation system for cross-border electronic payment service.’

The article then specifies that as per current laws, foreign companies that do not have a factory or other base in Japan can’t be taxed by the local government. The publication then indicates that the G20 leaders seek to “build a taxation system for cross-border electronic services.”

The member nations, which gathered this weekend in Buenos Aires, Argentina, are reportedly at work on the system and ‘will consider the issue during 2019 when Japan will be the president of the summit.” A final version of regulations, after examining proposals from each member state, is purportedly expected to be in place by 2020.

As reported earlier, the CEO of the company behind the digital currency investment app Circle had called for ‘normalization at the G20’ of the cryptocurrency industry.

In July, French Finance Minister Mr. Bruno Le Maire too called on the G20 to have a public debate about digital currencies at this weekend’s summit.

Mr. Le Maire stated that leaders would ‘have a discussion altogether on the question of Bitcoin” since “there is an evident risk of speculation.” He then concluded that France needs to “examine this with other G20 members” to see how “we can regulate Bitcoin.”