3 months ago
Cryptocurrency News

Bitcoin Prices Down; Leaders Call for Crypto Taxation  

Investing.com - Bitcoin and other major cyptocurrencies all slipped on Monday in Asia, pressured by reports that G20 leaders had

Investing.com - Bitcoin and other major cyptocurrencies all slipped on Monday in Asia, pressured by reports that G20 leaders had called for taxes on cryptocurrencies during a summit over the weekend in Argentina.

Bitcoin lost 5.04% to $4,041.3 by 10:31 PM ET (03:31 GMT) on the Investing.com index. Ethereum was down 4.59% to $114.34, and XRP dropped 3.37% to $0.36319 on the Poloniex exchange.   

Litecoin also slid 5.53% to $32.10 on the Bitifinex exchange. 

Bitcoin continues to hover at the $4,000 range after losing roughly 40% of its value since mid-November.

On Monday morning, media reported that members of the G20 agreed to work on international effort to regulate cryptocurrencies in line with standards stipulated by the Financial Action Task Force (FATF), an intergovernmental organization launched in 1989.

The move is seen as an effort to curb tax evasion by investors and traders of crypto-assets. G20 members, included crypto-assets in the joint declaration at the end of the summit.

“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed,” reads a section of the declaration.

G20 members are also looking to build a system of taxation for cross-border electronic services, with the joint declaration noting that the group will “work together to seek a consensus-based solution to address the impacts of the digitalization of the economy on the international tax system with an update in 2019 and a final report by 2020.”