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With the G20 Summit meet ongoing in the Argentine capital Buenos Aires, among other important issues, the cryptocurrency market is also being discussed. With that the discussion is essentially a decision to regulate the cryptocurrency market and with specific interest on Bitcoin.
The G20 Summit has apparently started discussing a drafted version of the taxation bill that all G20 nations will implement in their respective countries.
Another main reason that the G20 Summit is discussing the cryptocurrency market in its meeting last weekend is because the market is being used as a money laundering technique by many big investors, businesses and political parties.
The bill as such is said to be discussed and then further released only after Japan becomes the President of the G20 nations. In the same draft document that they are said to have discussed, it clearly states that the country will not be able to tax companies that do not have factories type set ups on the country’s soil.
With this being discussed at the G20 summit by all the big members of state and their corresponding representatives, the cryptocurrency market is looking at a long drawn out set of regulations and tax brackets for the same.
The last year has seen many countries reverse their previous stances on the cryptocurrency market and have seen governments discuss the possibility of regulating them in the long term. The G20 Summit this year had big names like Donald Trump, Vladimir Putin.
This July the French finance minister too came out and said that they would soon conisder regulating the Bitcoin market as a starter and then see how to go about the rest of the market after they see success in regulating Bitcoin.
The call for taxation and the fact that it is being discussed at the G20 Summit level is a huge win for the cryptocurrency market as the rulings and the discussion will go in the favour of the market.
This news was first reported by Jiji news, a Japanese news outlet.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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