G20 nations have pushed for the taxation of cryptocurrency, as well as its regulation to battle the growing cases of money laundering.
Japanese news outlet Jiji.com reported on the matter.
The report reveals that the final text of a document that was delivered by G20 leaders urges for “a taxation system for cross-border electronic payment services.”
Under existing regulations, foreign firms that do “not have a factory or other base in Japan” cannot be taxed by the local government. The publication then cites that the G20 leaders look to “build a taxation system for cross-border electronic services.”
The member states gathered over the weekend in Buenos Aires, Argentina and are working on the system and “will consider the issue during 2019 when Japan will be the president of the summit.” A definitive version of regulations, after considering recommendations from each member state, is set to be in place by 2020.
A few months ago, the CEO of the firm behind the cryptocurrency investment app Circle had urged for “normalization at the G20 level” of the crypto industry.
France’s finance minister Bruno Le Maire also called on the G20 to have a deliberation regarding cryptocurrencies at the said meeting.
Le Maire remarked that leaders would “have a discussion all together on the question of Bitcoin (BTC)” since “there is evidently risk of speculation.” He then settled that France also has to “examine this with other G20 members” to see how “we can regulate Bitcoin.”
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