Doug McHoney (PwC's US International Tax Services CoLeader) is joined by Rebecca Lee (PwC ITS Washington National Tax Partner), who specializes in crossborder financial transactions. They discuss trends in cryptocurrency, including ‘operation hidden treasure,’ taxation of cryptocurrency transactions, US tax reform, El Salvador’s adoption of Bitcoin as legal tender, blockchain in the insurance industry, Bitcoin as an exchange traded fund (ETF), the digitalization of trust, updates on non fungible tokens (NFTs), the impact of decentralized finance (DeFi) on capital markets, and market implications around the world.

Timestamps:

1:12 Life as a working mom with a specialneeds child in the middle of a pandemic
3:35 Are there any general updates on how cryptocurrency is taxed in the US?
4:36 What US tax reform proposals do people need to consider in regard to cryptocurrency?
7:22 Trends in cryptocurrency, particularly in El Salvador, where Bitcoin has been adopted as a legal tender. What are the practical implications more broadly?
9:40 Are countries considering adopting cryptocurrency as a legal tender?
10:55 What about using cryptocurrency as a settlement option or a means of transactions?
12:57 The practical implications of adding such a new currency to the system?
15:42 Is hedging an option with Bitcoin for longterm structuring?
17:10 What are the practical implications of blockchain in the insurance industry and elsewhere?
20:41 What does it mean that Bitcoin is now an SECapproved exchangetraded fund?
22:11: What are the tax implications of holding the funds that track cryptocurrency?
23:40 What are we seeing in the non fungible token (NFT) space?
27:33 What is going on at the NFT New York City conference, and what will it mean for the industry?
29:53 What is the impact of Decentralized Finance (DeFi) on capital markets, specifically traditional banking business?
35:23 Where are things going from a tax perspective both in the US and globally? Where are the tax rules heading for these various types of investments?