Cryptocurrencies

The Global Solidarity Levies Task Force is exploring a levy on cryptocurrency, a fast-growing, undertaxed sector with a massive environmental footprint. 

Market scale:
Cryptocurrency reached approximately $3.7-4 trillion in value in August 2025.
Environmental impact:
Crypto mining is extraordinarily energy-intensive. The “proof of work” process used to create digital currencies like Bitcoin and verify transactions consumes enormous amounts of electricity: 
  • Global crypto mining electricity demand rivals that of Australia or Spain.
  • Resulted in 0.33% of global CO2 emissions in 2022.
  • One Bitcoin transaction consumes roughly three years of electricity for a typical Ghanaian, or three months for a typical German.

Resources

The GSLTF established an International Expert Commission on Crypto Asset Levies for Climate & Development. This nine-member body comprises independent experts representing an equitable geographical distribution across the Global North and South. Spanning academia, non-profits, intergovernmental organizations and business, the Commission developed recommendations for endorsement by a coalition of countries.
The dual objectives of the report, ‘Toward a Crypto Solidarity Levy’ are to:
  1. Enable governments to mobilize resources through targeted fiscal policies on crypto assets 
  2. Disincentivize the most energy-intensive and climate-impacting cryptocurrencies

Towards a Crypto Solidarity Levy

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