India Urges G20 to Bring Cryptocurrencies into Global Framework for ‘Automatic Information Exchange’ – Regulation Bitcoin News

India Urges G20 to Bring Cryptocurrencies into Global Framework for ‘Automatic Information Exchange’ – Regulation Bitcoin News

India’s finance minister has called on G20 countries to introduce cryptocurrencies as part of the “automatic exchange of information”. More than 100 countries have adopted the Common Reporting Standard under this framework.

G20 invited to bring crypto under automatic exchange of information

Indian Finance Minister Nirmala Sitharaman spoke about the cryptocurrency on Friday during the G20 Ministerial Symposium on Taxation and Development in Bali, Indonesia.

Noting that “tax transparency” is an area where “significant progress has been made with the automatic exchange of information related to financial accounts,” she described: “Our research has shown that many layers of entities often deploy tax evaders to hide their unaccounted assets. ”

Sitharaman added that while “the automatic exchange of information framework provides information about financial accounts to different jurisdictions, tax avoiders, being smart, are exploring other ways to shift their unaccounted wealth through investing in non-financial assets.” Emphasizing that this area is a point of action for the G20, the Minister of Finance stated in detail:

While the development of a reporting framework for crypto-assets is underway, I invite the G20 to examine the feasibility of automatic exchange of information in relation to non-financial assets other than those covered by the CRS, such as real estate.

The Automatic Exchange of Information (AEOI) aims to reduce global tax evasion. The Common Reporting Standard (CRS) is an information standard for AEOIs. It was developed in response to a request from the G20 and approved by the Council of the Organization for Economic Co-operation and Development (OECD) in July 2014.

The CRS invites jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis, the OECD described.

100+ countries have committed to the CRS

India’s finance minister continued: “Over 100 countries have committed to sharing financial account information under the Common Reporting Standards.”

However, she noted that some jurisdictions have yet to begin sharing information under this framework. They “will have to be brought in… Therein lies a working plan for the G20,” Sitharaman emphasized. She stated:

I think it is up to the G20 to play a catalytic role in encouraging these jurisdictions to become part of the automatic exchange of information and this mechanism as it can strengthen global efforts against offshore tax evasion and avoidance.

Tags in this story

automatic exchange of information, cooperating countries, countries that share information, G20, g20 crypto, g20 cryptocurrency, india g20, Indian Finance Minister, information sharing, Nirmala Sitharaman, OECD

Do you think cryptocurrencies should be included in the automatic exchange of information framework? Let us know in the comments section below.

India Urges G20 to Bring Cryptocurrencies into Global Framework for ‘Automatic Information Exchange’ – Regulation Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

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