July 10, 2024
Argentina’s New Government Proposes Crypto Legalization
Latest Cryptocurrency News

Javier Milei’s Government Advances Crypto Legalization in Argentina

Argentina’s new government, led by self-proclaimed libertarian Javier Milei, is pushing for easier legalization of crypto holdings, even for those who have missed tax declarations. The Law of Bases and Starting Points for the Freedom of Argentines, a comprehensive 351-page bill introduced to Congress, encompasses reforms in various areas, signaling the initiation of Milei’s controversial reform agenda.

The bill addresses crypto about tax procedures. A section focusing on the asset regularization scheme outlines the eligible assets for legalization without requiring additional documentation on their origin. Under this scheme, individuals would be subject to a flat tax on their assets: 5% if declared by March 2024, 10% from April to June 2024, and 15% from July to September.

Earlier in December, Diana Mondino, Argentina’s minister of foreign affairs, international trade, and worship, suggested that an economic reform decree would permit the use of cryptocurrencies, including BTC, under specific conditions. The decree titled ‘Bases for the Reconstruction of the Argentine Economy,’ enacted on Dec. 20, didn’t explicitly mention crypto but allowed debtors to pay using currencies not recognized as legal tender in Argentina.

Javier Milei assumed power amidst widespread inflation in Argentina. While previously referring to Bitcoin as a step toward returning money to the private sector, he hasn’t publicly addressed digital assets since taking office.

Image by freepik

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