Federal Councillor Maurer calls for stronger focus on digital developments in financial sector at G20 meeting of finance ministers

Bern, 22.07.2018 - At this year's third meeting of G20 finance ministers in Buenos Aires, Federal Councillor Ueli Maurer underlined Switzerland's position on cryptocurrencies. In addition, Switzerland joined the call for open markets for goods and services. Regarding the taxation of the digital economy, Switzerland also wants to see a careful examination of the background situation and, based on this, an internationally applicable standard.

Switzerland's Finance Minister Ueli Maurer was at his third meeting of G20 finance ministers this year. He attached particular importance to digitalisation. In the financial sector, in particular, it is important to create the framework necessary for innovation.  At the same time,   high standards should be established for the integrity of the markets.

In dealing with cryptocurrencies, it is recognised that distributed ledger technology (DLT), to which blockchain technology belongs, also offers great potential for financial services. In his speech to the finance ministers, Federal Councillor Maurer additionally highlighted the importance of technology-neutral approaches in fintech regulation in general and DLT in particular.

Furthermore, the integrity of the financial market must be guaranteed by ensuring that legislation for combating money laundering and terrorist financing fully applies to cryptocurrencies, as is the case in Switzerland. According to Federal Councillor Maurer, the Financial Action Task Force, FATF, has the important role of quickly clarifying the globally applicable standards in this area.

Taxation of digital economy should occur where added value is created

Switzerland wants the principle by which taxes are levied where the added value is created, to apply also to digital services. Only a uniform international approach creates reliability for businesses and prevents double taxation. Switzerland shares the view that a substantive discussion before the end of 2019 should lead to an OECD report in 2020.

Switzerland an increasingly relevant partner in G20

At the invitation of Argentina, Switzerland is taking part in the G20 Finance Track for the third time in succession this year and for the fourth time in total since 2008. During a bilateral meeting with the Argentine Treasury Minister, Nicolás Dujovne, Federal Councillor Maurer thanked him for this year's well thought out and forward-looking agenda.

In addition, Federal Councillor Maurer emphasised Switzerland's strong support for the current government's reform efforts.

The next meeting of G20 finance ministers will be held on the fringes of the annual meetings of the Bretton Woods Institutions in Bali in October.


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