Why the OECD Needs to do its Homework on Bitcoin
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....
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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....
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....
On October 26, 2015, The Organization for Economic Co-operation and Development (OECD), an organization “created as an economic counterpart to NATO,” held a hearing on disruptive innovation in the financial sector. An unclassified document published as an “Issues Paper” entitled “Refining Regulation To Enable Major Innovations In Financial Market” was prepared by Dr. Sean Ennis, a Senior Economist in the OECD's Competition Division on behalf of the Secretariat (for the 60th meeting of Working Party No. 2) was obtained by CoinTelegraph. The topics discussed were peer-to-peer lending,....
According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards. The Organisation for Economic Cooperation and Development, or OECD, has suggested additional requirements on reporting crypto transactions and identifying users aimed at increasing transparency for global tax authorities. In a public consultation document released on Tuesday, the OECD opened for public comment a proposal that would require crypto service providers to better identify users and report on certain....
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....