The G20 states are returning to the topic of cryptocurrencies. Now world leaders are calling the world to tax cryptocurrencies and create regulation for the market, which is, in their opinion, a painful way to launder dirty money. News has been provided by the Japanese information service Jiji.com.
According to Jiji.com, the text of the document under which the representatives of the G20 are to sign, is to call for the creation of a “tax system for cross-border electronic payment services”.
The member states that gathered last weekend in Buenos Aires (Argentina is hosting this year’s summit), are working on the skeleton of the new legislative system for digital currencies and “are considering this issue in 2019, when Japan will host the summit.”
The final version of the regulations being prepared is to be established only after consultations in which representatives of all countries who want to propose their solutions will take part. We will get to the final records in two years at the latest, which is the end of 2020.
It is possible today to get the impression that the next steps of the G20 are also the effect of requests flowing from the cryptocurrency market itself. CEO of Circle called for “G20 leveling” some time ago. Also in July this year. France’s finance minister, Bruno Le Maire, called on world leaders to organize a public debate on the digital currency market during the next summit meeting. Le Maire emphasizes that the leaders “will hold discussions about Bitcoin (BTC) together” because “there is an obvious risk [related] to speculation in” digital currencies. According to the minister, France alone must “examine this with other G20 members” to see how “we can regulate Bitcoin.”
G20 and bitcoin
We wrote about the ratio of G20 to cryptocurrency here. Then in March the media circulated information about the open letter of the chairman of the FSB (Financial Stability Board), Mark Carney, in which the financier described the position of his institution to cryptocurrency:
“The preliminary assessment of the FSB assumes that cryptocurrencies do not pose a threat to global financial stability. Cryptocurrencies cause many problems related to the protection of consumers and investors, as well as to protect illegal activities and to launder money and finance terrorism. Nevertheless, the underlying technologies can improve the efficiency and integrity of both the financial system and the economy. “