Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
New-York based exchange Gemini has made a call to address Bitcoin s power-intense requirements. To put measures in place to raise its climate conservation and reduce carbon emissions, the exchange founded by the Winklevoss twins has partnered with a non-profit organisation from the University of Chicago.
As announced by the company, Gemini’s long-term initiative is focused on buying carbon credits to incorporate climate-conscious practices into its operations. The initiative, dubbed Gemini Green, entails working alongside Climate Vault to offset non-renewable energy consumed by Bitcoin miners. The longer-term strategy will see the network aim to become more decarbonised.
With Bitcoin as a major part of the predicted future, the Winklevoss twins have stated that it is necessary to make sure the creation and use of the token are sustainable. Thus, the partnership will see Gemini purchasing carbon permits from government cap-and-trade markets and remove them from circulating. In turn, this will reduce the number of market players using the carbon credits to continue emitting carbon dioxide and cut the supply of carbon permits.
Bitcoin for the future – sustainably
Michael Greenstone, Milton Friedman Distinguished Service Professor of Economics at the University of Chicago and Co-Founder of Climate Vault commented on the need for the collaboration with a cryptocurrency platform as significant as Gemini. He offered:
“Slowing and ultimately reversing the total amount of CO2 entering the atmosphere is vital to preventing disruptive climate change. Climate Vault is providing a simpler, faster, and more reliable path to net-zero emissions, not just for traditional businesses, but now – thanks to Gemini – for the innovative world of cryptocurrency.”
As Tyler Winklevoss noted:
“As Bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations. We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of Bitcoin.”