G20 summit to consider cryptocurrency regulation this week

A group of people representing the world's strongest economies will meet to come to a consensus on cryptocurrency regulation

The G20 has 20 member nations, including China, India, South Korea, Brazil, the United States, the United Kingdom, the European Union, and several others.
 

In 2021, the G20 commissioned the Organization for Economic Cooperation and Development (OECD) to create a system of automatic cryptocurrency taxation.

G20 finance ministers and central bank governors will review the 100-page Crypto-Asset Reporting Framework (CARF) - along with proposed amendments to the Common Reporting Standard (CRS) - at their next meeting on Wednesday and Thursday in Washington.

Sounds a bit complicated, but regulators apparently don't know any other way. The OECD argues that because cryptocurrencies are not covered by the current standard, there is "the potential for their use for tax evasion, undermining the progress made in tax transparency through the adoption of the CRS."

The OECD's proposed amendments to the CRS include the addition and definition of central bank digital currencies (CBDC).

It is challenging to draw any super-accurate conclusions from this information. All we can see is that regulators have recognized the trillion-dollar turnover of this industry and, importantly, its autonomy and existence at a time of worldwide instability.

And the multi-page pacts only show the desire to stop the so-called "wild west" in the crypto industry. 

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