<p>Leaders of G20 member countries have started work on an international cryptocurrency taxation system.</p>
<p><p dir="ltr">The <a href="https://cointelegraph.com/tags/g20">G20</a> countries have called for the taxation of cryptocurrency, as well as its <a href="https://cointelegraph.com/tags/regulation">regulation</a> to combat <a href="https://cointelegraph.com/tags/money-laundering">money laundering</a>, Japanese news outlet Jiji.com <a href="https://www.elperiodico.com/es/internacional/20181201/la-reunion-termino-con-consensos-minimos-y-una-disidencia-de-eeuu-7179240" rel="nofollow,noopener" target="_blank">reports</a> Dec. 2.</p><p>According to Jiji.com, the final text of a document jointly delivered by G20 leaders calls for “a taxation system for cross-border electronic payment services.”</p><p>The article then specifies that under current laws, foreign companies that do “not have a factory or other base in Japan” cannot be taxed by the local government. The publication then cites that the G20 leaders seek to “build a taxation system for cross-border electronic services.”</p><p>The member states, which gathered this weekend in Buenos Aires, <a href="https://cointelegraph.com/tags/argentina">Argentina</a>, are reportedly at work on the system and “will consider the issue during 2019 when Japan will be the president of the summit.” A final version of regulations, after considering proposals from each member state, is reportedly expected to be in place by 2020.</p><p>As Cointelegraph <a href="https://cointelegraph.com/news/circle-ceo-calls-on-global-economies-to-coordinate-on-crypto-regulation">reported</a> in October, the CEO of the company behind the cryptocurrency investment app Circle had called for “normalization at the G20 level” of the crypto industry.</p><p>In July, France’s finance minister Bruno Le Maire also <a href="https://cointelegraph.com/news/g20-hears-out-multiple-crypto-reports-in-july-waiting-for-fatf-to-test-its-standards-by-october">called</a> on the G20 to have a public debate about cryptocurrencies at this weekend’s summit.</p><p>Le Maire said that leaders will “have a discussion all together on the question of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index">BTC</a>)” since “there is evidently risk of speculation.” He then concluded that France needs to “examine this with other G20 members” to see how “we can regulate Bitcoin.”</p>
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