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), a 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.”