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

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Tue, 20/03/2018 - 15:36
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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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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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