G20 Country Leaders Call for International Cryptocurrency Taxation

G20 leaders

On Dec. 2, Japanese news outlet Jiji.com has reported that the G20 countries have called for the taxation of the digital currency or cryptocurrency and has also suggested for a proper regulation to combat money laundering.

According to Jiji.com, the document delivered by the G20 leaders has a final text that calls for a proper cross-border taxation system for electronic payment services.

The article has also elaborated that under the current system, foreign companies which do not have a factory or any base in Japan cannot be taxed by its local government. Its publication also states that the G20 leaders are seeking to develop a proper taxation system for cross-border electronic services.

The member of the states, who had recently gathered this weekend in Buenos Aires, Argentina, is reportedly working on building a new system that will consider the issue when Japan will be the president of the summit in 2019.  After the consideration of all the proposals from each state member, the final version of regulations is reported to be finalized and placed by the year 2020. bitcoin gold mining calculator

In October, Cointelegraph had reported that the CEO of the cryptocurrency investment company app Circle had requested for a normalization of the crypto industry at the G20 level.

In July, this year, finance minister of France Bruno Le Maire had also called on the G20 to have a public debate about the digital currencies at this weekend’s summit.

Le Maire said that leaders together would have a discussion on the question of Bitcoin (BTC) since there is an evident risk of speculation. He had then stated that France needs to examine all these matters with other G20 members and also to see how to regulate Bitcoin.

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