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OECD Councils G20 Nations to Develop Coordinated Tax Policy for Cryptocurrency

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Wed, 21/03/2018 - 18:10
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OECD Councils G20 Nations to Develop Coordinated Tax Policy for Cryptocurrency
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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.

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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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