[2018-03-20] G20 Considers Crypto As Assets, Not Currencies

[shakaru]

A draft of a G20 document -- acquired by Bloomberg -- reads that cryptocurrencies “lack the traits of sovereign currencies,” implying that the G20 considers crypto to be an asset rather than a currency, Bloomberg writes today, March 20.

The issue of how to define cryptocurrencies is expected to be discussed this afternoon, according to Bloomberg.

https://cointelegraph.com/news/g20-considers-crypto-as-assets-not-currencies-according-to-document-draft

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[Qartersa]

Well, we still do not know it up to now because it has not been categorized or classified by governments. Although for a fact, the creator of Bitcoin has earlier categorized it as "cryptocurrency" because it is the purpose for which it was established. In times of doubt, we have to take into consideration the purpose for which a thing is established. And with this, we should know that Bitcoin was created initially to be a payment system. It is only these few years that investors see it more as an asset, hence, most of them do not utilize it as a payment system but as an income-generating asset that they intend to HODL for a long time. Otherwise stated, it is now being used as an asset because it is only these times its value grew substantially and investors see it as an opportune time to earn huge bucks.

[Taki]

It is just impossible for now to all of those G20 countries set the same meaning and rules to bitcoin. As I was reading today Russia moved all decisions about crypto to the central bank and they still didn't make the final choice, to stay loyal or to forbid something. All of those countries are too different to come to one agreement in the case of crypto.

[Irvinn]

A draft of a G20 document -- acquired by Bloomberg -- reads that cryptocurrencies “lack the traits of sovereign currencies,” implying that the G20 considers crypto to be an asset rather than a currency, Bloomberg writes today, March 20.

The issue of how to define cryptocurrencies is expected to be discussed this afternoon, according to Bloomberg.

https://cointelegraph.com/news/g20-considers-crypto-as-assets-not-currencies-according-to-document-draft

Even if the G-20 countries today consider the classification of the Crypto-currency, (previously they asserted that there is no issue on the discussion of the Crypto currency in the agenda of this summit), it will be something in common. If they decide that this is only an asset, and not money, it will give the Crypto-currency some advantages in terms of taxation. However, let us wait a bit and get acquainted with the adopted document, if any, at all.