OECD Councils G20 Nations to Develop Coordinated Tax Policy for Cryptocurrency

Wed, 03/21/2018 - 18:10
David Dinkins
The influential OECD has called upon the G20 nations to develop coordinated, international standards for cryptocurrency taxation.
Cover image via U.Today

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.

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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