• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
5 Altcoins with Major Events the week of April 1, 2018 (Gains Likely to Beat BTC Returns!)

G20 Set to Determine if Cryptocurrencies Should be Defined as Assets

Nikita Blows
by Nikita Blows
7 years ago
·
Posted in Altcoins, Bitcoin, Legislation, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cryptocurrencies, or at least defining the term, seem to be a hot topic at the current G20 summit. In fact, it seems that the group is pushing to define them as assets and not currencies at all.


According to Bloomberg, this will be discussed on Tuesday. However, a draft statement shows that the group believes that cryptocurrencies “lack the traits of sovereign currencies”, and therefore should not be referred to as such.

Klaas Knot, who is the president of De Nederlandsche Bank NV, had this to say:

Whether you call it crypto assets, crypto tokens, definitely not cryptocurrencies, let that be clear a message as far as I’m concerned. I don’t think any of these cryptos satisfy the three roles money plays in an economy.

Knot also chairs the Financial Stability Board’s standard committee on the assessment of vulnerabilities.

Ilan Goldfajn, who is the President of the Central Bank of Brazil seems to have a similar view, believing that the crypto market’s volatility and its lack of easy payment options make it a non-currency. He added:

It’s more of a token asset than a currency.

Ahmed Alkholifey, the Governor for the Saudi Arabian Monetary Authority, added:

The first function of a currency is to serve as a stable medium of exchange, and experience today with various crypto assets in circulation are not at all satisfactory in this regard.

Asset Tax Implications

Asset Tax Implications

If virtual currencies are declared assets, as they’ve recently been defined as in the US state of Wyoming, trading in them could be subject to capital gains tax. According to Credit Karma Inc, a US-based finance company, out of the 250,000 federal tax returns filed by the Internal Revenue Service (IRS) in the US, less than 100 declared crypto gains and/or losses.

Regulatory Action Required

As crypto popularity increases, so do fears of the apparent dangers that it presents such as aiding in money laundering and tax evasion, nefarious activities that were happening long before Bitcoin. However, these concerns are some of the reasons that G20 participants have given for pushing for regulations in the industry.

French Finance Minister Bruno Le Maire had this to say:

Crypto is more an asset than a currency. If we want to move on and protect citizens from any kind of speculations or money laundering or terrorism financing, we need rules.

Disrupting the World’s Economy

Disrupting the World’s Economy

A leading cause for crypto concern is that decentralized digital currencies could, in fact, threaten the global financial system, a sentiment vocalized by Mark Carney, the Governor for the Bank of England as well as the chairperson for the Financial Stability Board.

This perceived threat does not seem to be consigned to just decentralized virtual currencies though. The Bank of International Settlements had previously said that even central bank digital currencies (CBDCs) could disrupt the international financial sector.

Do you think that cryptocurrencies should be defined as assets? Let us know in the comments below!


Images courtesy of Shutterstock, AdobeStock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nikita Blows

Nikita Blows

Follow

Full Profile

Related Posts

QFSCOIN Launches High-Yield Mining Contracts And Allows Global Investors To Earn Bitcoin And Dogecoin

Regulated By US Law And SEC: QFSCOIN Launches High-Yield Mining Contracts And Allows Global Investors To Earn Bitcoin And Dogecoin

19 minutes ago
Ceasefire

BREAKING – Iran-Israel Ceasefire Sparks Crypto Bounce–Details

2 hours ago
Bitcoin

Bitcoin Weathers The Iran-Israel Storm Better Than Wall Street’s Best—Analyst

6 hours ago
Bitcoin

Strategy’s Michael Saylor Shrugs Off Lawsuit, Signals Next Bitcoin Acquisition

22 hours ago
Bitcoin

Texas Signs Strategic Bitcoin Reserve Into Law – Details

1 day ago
Bitcoin

Bitcoin Bears Take The Wheel — Why $94,000 May Be The Next Critical Zone

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Watch Out For This Top Performing Crypto in 2025, Presale Ongoing

    Watch Out For This Top Performing Crypto in 2025, Presale...

    23 minutes ago
  • Cryptocurrencies have become the best way to invest as the...

    9 hours ago
  • Earn $3,777 a day: OPTO Miner cloud mining app now supports...

    9 hours ago
  • 【ETHRANSACTION Wealth Express】XRP surpasses DOGE! The...

    9 hours ago
  • Dogecoin (DOGE) holders get stable income at BJMining

    11 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.