Argentina to abolish tax requirements for cryptocurrency

The Argentine government, under the leadership of the recently elected Javier Miley, has decided that it will not force citizens to declare crypto assets.

Argentina to abolish tax requirements for cryptocurrency

On December 27, 2023, a bill "On the foundations and starting points of freedom for Argentines" was submitted to the National Congress of Argentina. According to the initiative, citizens had to pay a tax of up to 15% on any undeclared crypto assets, the amount of which exceeds $ 100 thousand.

However, the Congress could not come to a consensus on this issue, the Minister of Internal Affairs of the country noted.

In Argentina, only owning a cryptocurrency does not entail any tax obligations. However, with the income that can be obtained from the sale of digital assets, users already have to pay fees.

On December 10, 2023, the inauguration of Javier Miley, the new president of Argentina, took place. He became famous thanks to the criticism of the now-past authorities, and became known in the crypto community because of the active support of cryptocurrencies. Against the background of his inauguration, local bitcoin enthusiasts appealed to Miley not to introduce the rules of the British Financial Action Task Force on Money Laundering (FATF).

In addition, the newly minted president was asked to fulfill his promise to eliminate the Central Bank of Argentina (BCRA) as soon as possible and declare free currency competition in the country. The participants of the crypto community are confident that all the initiatives that Miley wants to make a reality can significantly contribute to the mass adoption of cryptocurrencies.

Source: beincrypto

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