The G20 countries have called for the taxation of cryptocurrency, in addition as its regulation to combat money laundering, Japanese news outlet Jiji.com reports Dec. 2.
According to Jiji.com, the ultimate text of a document together delivered by G20 leaders requires “a taxation system for cross-border electronic payment services.”
The article then specifies that under current laws, foreign firms that do “not have a manufacturing plant or alternative base in Japan” can not be taxed by the government. The publication then cites that the G20 leaders ask for to “build a taxation system for cross-border electronic services.”
The member states, that gathered this weekend in Buenos Aires, Argentina, are reportedly at work on the system and “will take into account the issue during 2019 once Japan will be the president of the summit.” A final version of rules, when considering proposals from every member state, is reportedly expected to be in place by 2020.
As TopMarketGroup reported in October, the chief executive officer of the corporate behind the cryptocurrency investment app Circle had called for “normalization at the G20 level” of the crypto trade.
In July, France’s finance minister Bruno le Maire additionally called on the G20 to own a public debate regarding cryptocurrencies at this weekend’s summit.
Le Maire said that leaders can “have a discussion all at once on the question of Bitcoin (BTC)” since “there is obviously risk of speculation.” He then finished that France has to “examine this with alternative G20 members” to work out however “we will regulate Bitcoin.
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