Heads of financial departments of the countries of the Big twenty in the near future will accept the General definition of tokens, and these tend to be the assets. If this will be the final decision on virtual money, they will be taxed on capital gains.
The cryptocurrency is “not enough as a independent money,” reports Bloomberg, citing a preliminary version of the communiqué of the G20.
“Do they call you their cryptotokens or scriptactive — but in any case not cryptocurrency, I think it is in any case, it should be crystal clear message,” said Klaas Knot, President of the Netherlands Bank and Chairman of the Committee on risk assessment of the financial stability Board. “I don’t think any of the token performs all three roles that money plays in the economy.”
The issue of taxation is already acute in the United States. According Crypto Karma Inc., only a small fraction of Americans reported their trades, the subject of which was digital assets. Less than 100 of the 250 000 of tax returns provided in the internal revenue service (IRS) in February of this year contained data on gains and losses of cryptocurrency capital.
Six months ago, the G20 members did not discuss virtual assets, however, the investment boom this year has forced the authorities to reconsider. The financial stability Board, headed by Governor of the Bank of England mark Carney (Mark Carney) said on Sunday that the rapid growth of cryptocurrencies such as BTC, could potentially make them a threat to the global financial system.
Recall that the representatives of the G20 plan to adjust the current legislation to the cryptocurrency industry. However, some financial experts argue that virtual currencies need special regulatory oversight.