What did G20 summit agree about cryptocurrencies

The G20 summit that was held in Buenos Aires, Argentina, in addition to discussions of world leaders on the political, economic and social situation in the international arena, brought discussions about the cryptocurrency industry too. The politicians who participated in this summit signed a document that aims to create a solution in relation to the taxation of cryptocurrencies and to reach the countries that will cooperate with each other.
The document called the "Statement of Leaders" mentions the creation of an international system that will tax international transfers.

Member states from those G20 countries and the leaders came to a solution to work together for finding a common solution that addresses the impact of digitalisation of the economy on the international taxation system. A review will take place in 2019, while the final proposals will be published in 2020, this is what the statement follows. Moreover this statement is considered to be of particular importance because it is illegal for a taxation government to a foreign company that does not have a physical presence on its territory.

Many countries belonging to the European Union would prefer keeping cryptocurrency instead of banning it completely. As the cryptocurrency topics were being debated upon, it was realized that there are a variety of matters to look into. The list goes on and on, but with the first steps being taken, many countries have realized it is time to step into a more digital world as blockchain technology and cryptocurrency can help with solving many real-world issues.

‘WE WILL REGULATE CRYPTO-ASSETS FOR ANTI-MONEY

We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.

G20 Leaders call for cryptocurrency taxation..

The international taxation for the cryptocurrencies will make the cryptocurrencies be more stable coins and not to flucuate a lot. It will at the same time remove the "Monopoly" among the currencies. As we know there are the whales the market movers in the cryptocurrencies which play with the prices as they wish to see. This is a good news for this industry but it may cause also some panic and people may be selling in panic, but we never know what it will happen until we see some progress on the taxation as the leaders took decision in the draft version of the statement. Which was held today in the Buenos Aries. But the good news is that it will one day surely be regulated and it will look a normal industry not with big increases and decreases or more right with many manipulations. I do not think we will see huge manipulations anymore. It will totally be decentralzied in the upcoming months or years. Lets hope for the best..

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As a final of this content let me share with you a tweet of Bobby Lee

Bobby Lee is the Founder of BTC China and the board member of BTC Foundation.

Thank you.