OECD to Tax Cryptocurrencies
March 21, 2018
The Organization for Economic Co-operation and Development (OECD) calls for elaborating new legislative limits to levy taxes on cryptocurrencies and blockchain.
The website of the organization has posted a report on Tuesday addressed to the G20 finance ministers and central bankers which said, OCED plans taking meaningful actions and collaborating on the issue of blockchain and cryptocurrency taxation.
With the primary purpose being further economic development around the globe the organization believes, new technologies are highly beneficial yet there is much of uncertainty as far as taxation matters are concerned so it decided to resolve the problem.
"Technologies like blockchain give rise to both new, secure methods of record-keeping while also facilitating cryptocurrencies which pose risks to the gains made on tax transparency in the last decade”, the report stated.
Approach to crypto taxation issue differs greatly in various countries. At the moment there are no universal standards for it so each one handles the problem independently: the US and South Korea are already introducing cryptocurrencies into the current legislation.