Doug McHoney (PwC’s Global International Tax Services Leader) welcomes Rebecca Lee, International Tax Services Principal in the Washington National Tax Practice for her sixth visit. Doug and Rebecca dispel myths associated with cryptocurrency and the metaverse. They break down definitions of some of the trickiest metaverse jargon, the tax implications of metaverse transactions, and where we are heading in the near future.
Timestamps:
2:00 – How did Rebecca come to specialize in the metaverse?
8:00 – How should people who are unfamiliar with the Metaverse think about the following terms:
8:15 – Web 3.0
9:45 – Blockchain
12:20 – cryptocurrency
12:30 – fiat currency
13:50 – non fungible tokens (NFTs)
19:40 – interoperability
21:00 – the metaverse
23:00 – What are the tax issues associated with some of the transactions you might see in the metaverse?
23:05 – Digital purchases
23:55 – Digital purchases with physical components
31:20 – Is the creation of an NFT a service? If so, do we have any idea how that will be taxed?
34:55 – Traditional services in the metaverse
37:20 – Pillar Two in the metaverse
43:00 – What comes next?
Original source can be found here.
