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Global leaders have moved away from the last G20 Summit with a rough game plan for encryption.
This year's G20 Summit took place in Buenos Aires, Argentina, from November 30th to December 1st. International government officials and some of the world's largest corporations including the Bank of America, the Inter-American Development Bank, the World Trade Organization and the World Health Organization, to discuss topics ranging from infrastructure development to sustainable food sourcing.
Among the topics examined at the summit, the creation of an open and resilient financial system that followed international laws and supported sustainable economic growth for all participants, at which point the topic of cryptocurrencies was raised.
Wishing to fight both money laundering and financial market fraud, the leaders explained that they are trying to give stronger regulatory tactics for both cryptocurrencies and blockchain activities.
"We will regulate the crypto-goods for money laundering and fight terrorism financing in line with the FATF [Financial Action Task Force] standards and we will consider other answers if necessary, "reads a summary of the summit.
The members also explained that they would explore the extradition of individuals responsible for the theft of assets in the regions where the crimes occurred. The leaders of the summit say that they are now tasking the competent international organizations to report on them and on similar issues during the next meeting.
It is not clear whether the member countries of the Summit will actually adopt this measure. Cryptographic theft was not specifically discussed, and it is not clear whether the participants were referring to virtual currencies or simply fiat when they examined the subject of the theft of assets.
Furthermore, members of the summit acknowledged that the global financial infrastructure is becoming more digitized and have sought to take stronger measures to support funding and strengthen the financial inclusion of otherwise non-participating regions. They are supporting the G20 financial inclusion policy guide, which aims to provide voluntary policy recommendations to countries and organizations seeking to facilitate digital financial services.
The summit also focused on fiscal efforts, mentioning that it is working on a "globally fair, sustainable and modern international tax system" based on tax treaties and transfer pricing rules. They are welcoming international cooperation to promote fiscal policies for growth.
"We will continue to work together to seek a consensus-based solution to address the impacts of digitization of the economy on the international tax system with an update in 2019 and a final report by 2020", the summary continues to read, although not it is clear whether this solution will apply to cryptocurrencies or only to the fiat digital currency.
One of the biggest problems facing the cryptocurrency arena is that its tax laws are not clear. Many attempts have been made to encourage government bodies, both domestic and foreign, to clarify the tax laws in force concerning encrypted assets and related transactions.
