OECD Paper: Policymakers Should Explore Cryptocurrency Technologies
The Organisation for Economic Co-operation and Development (OECD) has published a working paper on bitcoin that draws largely positive conclusions about the technology behind the digital currency. The paper, titled 'The Bitcoin Question: Currency Versus Trust-less Transfer Technology', concludes that while there are concerns about bitcoin related to tax evasion, fraud and money laundering, for example, the bitcoin protocol could have a significant role to play in the financial system: "The technology associated with cryptocurrencies could ultimately shift the entire basis of trust involved....
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The report suggests giving preferential tax treatment to PoS over PoW-based crypto assets. A study of cryptocurrency taxation regimes from around the world by the Organization for Economic Co-operation and Development, or OECD, found that global crypto taxation laws are highly inconsistent.Source: OECD Report.The way crypto assets are defined vary greatly by jurisdiction. Cryptocurrency is most commonly defined as a “financial instrument or asset”, followed by a “commodity or virtual commodity." In the U.S., the asset class remains mostly undefined for tax purposes.Source: OECD Report.The....
The Organisation for Economic Co-operation and Development (OECD) recently published a working paper on bitcoin and the implications of financial trust without intermediaries, authored by economist and Special Advisor to the Secretary-General on Financial Markets at the OECD, Adrian Blundell-Wignall. Entitled 'The Bitcoin Question: Currency Versus Trust-less Transfer Technology', the paper represents one of the first official analyses on bitcoin in the context of contract law, legal tender, and plenary powers. Besides grossly misunderstanding the economic nature of bitcoin, the general....
Researchers have recently published a paper called “The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships,” which explains how the Bitcoin protocol is maturing. The Bitcoin Economy Has Grown Up. In partnership with Deutsche Bundesbank, the University of Wisconsin, and the UCL Centre for Blockchain....
The Financial Action Task Force (FATF) has published a paper looking into the money laundering and terrorism financing risks involved with digital currencies. FATF is an independent intergovernmental organisation tasked with developing policies to combat money laundering (AML) and terrorism financing (CTF). The organisation further maintains a blacklist, which highlights jurisdictions that refuse to address these issues. In addition, the FATF issues recommendations for AML and CFT, which must be followed in order to stay off the blacklist. The FATF paper, titled 'Virtual Currencies - Key....
The OECD said it planned to present the Crypto-Asset Reporting Framework to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The Organisation for Economic Cooperation and Development, or OECD, has published a framework aimed at having tax authorities achieve greater visibility on crypto transactions and the users behind them.In an Oct. 10 announcement, the OECD said it planned to present the Crypto-Asset Reporting Framework, or CARF, to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The crypto tax framework proposed automatically....