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.
Bitcoin and Weed: Legal Cannabis Businesses Are Keen on Crypto, but There Are Caveats