Freedom

<p>The Argentine government led by Javier Milei, known for his pro-Bitcoin stance, has just introduced a bill that eliminates the existing tax reporting options for cryptocurrencies.</p>
<h2 id="h-argentina-will-no-longer-tax-the-ownership-of-bitcoin-and-other-cryptocurrencies">Argentina will no longer tax the ownership of Bitcoin and other cryptocurrencies</h2>
<p>The new Argentine government led by President Javier Milei, known for his ultra-liberal and pro-Bitcoin positions, presents an ambitious bill to Parliament: the <em>“Foundations and Starting Points Law for the Freedom of Argentinians”</em>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Carried by the Interior Minister Guillermo Francis, this <a href="https://cryptonews.com/news/argentinian-authorities-introduce-bill-to-drop-crypto-tax-opportunities.htm" target="_blank" rel="noopener noreferrer nofollow">bill</a> aims to relax Argentine taxation in several areas. However, it excludes any mention of cryptocurrencies, thus preventing their tax declaration.</p>
<p>Until now, digital asset holders indeed could declare their holdings and pay a fixed advantageous tax: 0% under $100,000 and 15% above. This celebrated advantage disappears, sparking controversy.</p>
<p>Some criticize an unjustified tax treatment, contrary to Javier Milei’s displayed support for cryptocurrencies. Minister Guillermo Francis cites political disagreement on this specific point.</p>
<h2 id="h-a-strong-political-signal-for-the-future-of-crypto">A strong political signal for the future of crypto</h2>
<p>If the project is approved, owning cryptocurrencies will remain untaxed in Argentina, accountant Marcos Zocaro informs us. Only the capital gains made from selling will be taxed, below a certain threshold.</p>
<blockquote class="wp-block-quote">
 <p>“<em>In the case of an individual, for the simple act of buying what the law calls digital currency, no tax is paid. What is taxed on profits, is the profit made from the sale and there is also a minimum below which no tax is to be paid</em>“.</p>
</blockquote>
<p>On the other hand, cross-border crypto transfers will remain taxed at 5 to 15%. An incentive measure to encourage the inflow of foreign crypto capital, according to experts.</p>
<p>Despite this major change, the government continues to actively support the sector. The project even allows for the declaration of cryptocurrencies without proof of origin.</p>
<p>Diana Mondino, Minister of Foreign Affairs, also reaffirmed on X that cryptocurrencies will have their place in Argentina under certain conditions.</p>
<p>Although imperfect, this bill thus reflects Javier Milei’s desire to make Argentina a welcoming land for the <a href="https://www.cointribune.com/en/blackrock-and-bitcoin-etfs-absorb-massive-outflows-from-grayscale/" target="_blank" rel="noopener noreferrer nofollow">crypto ecosystem</a>. A matter to be closely followed in Parliament in the coming weeks.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>

Argentina will eliminate taxes on crypto assets!

Table of Contents

Cointribune EN

Other articles published on Feb 1, 2024

Binance freezes $4.2m in stolen XRP

Bitcoin’s Uphill Battle Amid Economic Uncertainty and Market Dynamics

Ripple XRP Update : Was Ripple Really Hacked ?

BREAKING: Ripple Co-founder Fell Victim To Massive Hack, Over 213 Million XRP Lost

If You Believe In The Future Of AR/VR, 5th Scape (5SCAPE) Is The Best Project To Invest In

Ethereum (ETH) Price to Hit $4K in Next 3-6 Months – Predicts Michaël van de Poppe

Join our free newsletter for daily crypto updates!