Context: A regulatory system must be in place before we can address the question of taxing crypto trades.
Background:
Benefits of the cryptocurrencies: Can help in financial inclusion and aid international remittances and reduce transaction costs in payment services, as recognized by the Financial Action Task Force (FATF) in 2014.
Associated concerns:
Way forward:
Conclusion: Central Bank’s regulation should promote innovation, fill the breach and remove uncertainty while also mitigating the risks presented by cryptocurrency.