Argentina's government, led by libertarian Javier Milei, introduced a significant reform bill, the Law of Bases and Starting Points for the Freedom of Argentines, on December 27. This comprehensive bill, encompassing various sectors including tax and energy, includes a provision specifically for cryptocurrency. Under the asset regularization scheme, taxpayers can legalize their crypto assets without additional documentation about their origin. The regularization involves a flat tax rate on declared assets: 5% by March 2024, 10% from April to June 2024, and 15% from July to September 2024.
Diana Mondino, Argentina's Minister of Foreign Affairs, International Trade, and Worship, noted that a decree for economic reform, passed in December, indirectly supports the use of Bitcoin and other cryptocurrencies under specific conditions. This decree, titled "Bases for the Reconstruction of the Argentine Economy," allows debtors to make payments in non-legal tender currencies, indirectly accommodating cryptocurrencies.
President Milei, who assumed office amid significant inflation, has previously described Bitcoin as a move towards returning money to its original creator, the private sector. Since his inauguration, however, he has not publicly addressed digital assets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
