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G20 Considers Cryptocurrencies Assets, Not Currency, According to Leaked Document

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  • David Dinkins
    📰 News

    A leaked document purported to be from the G20 states that cryptocurrencies are assets, not currencies, and subject to capital gains taxes.

G20 Considers Cryptocurrencies Assets, Not Currency, According to Leaked Document
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A leaked document indicates the G20 considers cryptocurrencies to be assets, rather than currency, according to Bloomberg. The G20 communique says that digital currencies “lack the traits of sovereign currencies” and should be considered assets instead. As assets, cryptocurrencies would be subjected to capital gains taxes, as they already are in the US. Christina Lagarde, head of the IMF, recently called cryptocurrencies “crypto assets” in an IMF blog post. Despite the assertion that cryptocurrencies aren’t currencies, regulators illogically require them to be treated as money for KYC/AML purposes.

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About the author

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.

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