G20 sets 2027 as the year in which it hopes members can tax crypto transactions

The annual G20 leaders' summit has delivered a tame set of resolutions regarding technology, with a 2027 target year for the implementation of a planned CryptoAsset Reporting Framework (CARF) the most impactful proposal as it is designed specifically to take into account the crypto sector's aim of providing an alternative to …

[tmTM]

Regulation and taxation

The death of the crypto industry.

[Bitsminer]

Aspirational?

Expired, more like.

Canada and New Zealand (at least) are ready to run with national tax schemes. This will encourage them to start now.

We can expect the US (home of most of the taxables) to object and complain loudly about the national schemes.

[IGotOut]

They need four years...

So the likes of PWC can work out how the rich can avoid paying the relevant taxes.

[aks]

Making the Ponzi scheme of cryptocurrency legal is the opposite of sanity.

[jmch]

Far more important

... to sort out international taxation of fiat currency and other assets. Taxing of crypto would just be a by-product. It shouldn't be that difficult* for the G20 to agree among themselves on asset reporting rules and a minimum tax, and introduce punitive levies for cross-border business with any country that does not do the same.

*If the political will were there. Unfortunately the political will of a country is very often dictated by the politicians' wealthy donors

[Anonymous Coward]

Re: Far more important

Exactly. Crypto is just a tender which helps makes a transaction opaque/invisible/obfuscated.

Same as ‘price for cash’ with your plumber, builder or running your Daughter’s Uni MacBook from Costco through as a (cough) business deductible.