The OECD is preparing a model for auditing Bitcoin that could be used worldwide

The proposal will be presented in 2021 and will serve as an example for each country to create its own rate.

The Organization for Economic Cooperation and Development (OECD) should propose a model tax for Bitcoin Trader investments in 2021.

According to the proposal presented in the „Report of the Secretary General of the OECD on taxes for the Ministers of Finance and the Presidents of the Central Banks of the G-20 – October 2020“, recently published by the organization, there is concern about the growth of the crypt coin market, which „recently reached 354 billion dollars“.

„Cryptoactives, and within them, virtual currencies, are developing rapidly. The overall capitalization of the virtual currency market reached $354 billion in September 2020.

In this way, the OECD intends to present a new form of taxation to help countries create fees for transactions and investments involving Bitcoin.

The tax in Bitcoin

It is expected that the crypto market will have a universal taxation model in the near future, which will serve as a guide for the elaboration of local taxes. Thus, the countries that are part of the G20 can join the tax proposal that is being developed by the OECD.

Before its presentation in 2021, the countries that are part of the G20 and the authorities linked to the central banks around the world asked the organization, still in 2018, for forms of taxation of cryptomonies.

According to the report, there is concern about the impact of the crypto market on the global financial system, as well as the proposal to create a „Bitcoin tax“.

„The governors asked international organizations to analyze the risks in various policy areas -including taxation- in their communications of March and July 2018.

Regulation for crypto-currencies

Besides mentioning the creation of a fiscal model for the sector, the OECD report also talks about the regulation of the Bitcoin market. As in most countries, there is no legislation approved specifically for cryptosystems.

Therefore, for the OECD, initiatives related to the regulation of cryptomonies are still underway all over the world. On the other hand, the organization has also pointed out its concern about criminal practices such as tax evasion and money laundering.

„Regulators are still in the early stages of considering virtual currencies.

The October 2020 report presented by the OECD provides information on how COVID-19 impacted the global economy during the year, in addition to talking about the creation of a tax for Bitcoin.

Bitcoin also has a ‚dark forest‘ waiting for you to lose your funds

Although it is expected to be presented in 2021, the Bitcoin tax model developed by the OECD has not yet been formally presented by the organization, and therefore it is not possible to dimension how the cryptcoin market could be taxed through the guidelines of the intergovernmental organization.