The intergovernmental Office of Economic Cooperation and Development (OECD) has sent a letter to the G20 encouraging a thorough review of tax policies for cryptocurrency and other new technologies. The OECD praises Blockchain and like developments for “[giving] rise to new, secure methods of record-keeping” but laments that uncertainty around taxation “[poses] risks to the gains made on tax transparency.” There is currently no internationally recognized method for taxing cryptocurrencies. The US opts to tax them as property, while a few other countries treat cryptocurrencies in the same way as money, and do not subject them to taxation.
OECD Councils G20 Nations to Develop Coordinated Tax Policy for Cryptocurrency
The influential OECD has called upon the G20 nations to develop coordinated, international standards for cryptocurrency taxation.