Argentine Government Removes Crypto Opportunities from Omnibus Bill
The Argentine government, led by Javier Milei, has decided to remove the tax opportunities for declaring cryptocurrency and other assets from the omnibus bill presented to Congress. The bill, called the “Law of Bases and Starting Points for the Freedom of Argentines,” aims to implement reforms in various areas and grant legislative powers to President Milei.
Minister of Interior Guillermo Francos explained that the decision to withdraw the proposals was due to the lack of consensus in Congress. He stated, “The proposal is aimed at generating freedom for economic development. It was essential to get this out quickly. The tax part was smaller and delayed treatment.”
Under the original bill, taxpayers could declare ownership of previously undisclosed assets, including crypto, and pay reduced fees. However, holding cryptocurrencies in Argentina does not incur a tax obligation. Selling them and earning profits, however, is taxable. The tax percentage varies based on the location of the assets.
The bill is currently undergoing changes in order to gain approval in Congress. Previously, Milei issued an executive order that allowed lease contracts to be denominated and settled in bitcoin.
Hot Take: Argentine Government Excludes Crypto from Tax Opportunities
The Argentine government has decided to remove the tax opportunities for cryptocurrency ownership from its omnibus bill. This move comes after facing a lack of consensus in Congress. While holding cryptocurrencies in Argentina is not subject to taxes, selling them and earning profits is considered a taxable event. The bill, which aims to provide legislative powers to President Javier Milei, is currently undergoing revisions for approval. Milei has previously implemented an executive order allowing lease contracts to be paid in bitcoin. As the Argentine government continues to make updates to its legislation, it will be important to stay informed about the progress and implications for crypto in the country.
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