Argentina proposes to reduce taxes for those who declare their crypts
The Argentine government presented a legislative proposal to give preferential treatment to those who declare their cryptocurrencies
In a significant turn in economic policies, the Argentine government presented a legislative proposal to modify the treatment of cryptocurrencies in the country. The initiative seeks to incentivise the declaration of holdings of crypto assets by proposing a 15% to 5% reduction in the corresponding taxes, provided that the declaration is made before 31 March 2024.
According to recent reports, this proposal is part of a series of planned changes in economic and tax policies under the new administration. The bill requires residents to report to the state about their cryptoassets, both domestically and internationally, opening the door to more favorable tax treatment for those who comply with the regulations.
The bill has generated controversy among Argentine residents, who express concern about the speed with which new economic policies are being implemented. Analysts point out that these measures have a negative impact in the short term, being the devaluation of the Argentine peso by 50% one of the most shocking decisions.
The administration has also announced significant cuts in public spending, including cuts in subsidies for sectors such as energy and transport. These measures, along with the devaluation, have directly affected the cost of living for Argentine citizens, generating criticism of the economic actions of the government.
In the field of cryptocurrencies, the Minister of Foreign Affairs, Diana Mondino, has announced that Argentina accepts the use of Bitcoin and other cryptocurrencies in contractual agreements, provided both parties agree. This position reflects an openness towards the adoption of emerging financial technologies in the country.
The socio-economic situation in Argentina in recent years has led residents to look for alternatives to protect their purchasing power. The increase in the adoption of cryptocurrencies, especially Bitcoin, has become a strategy for those looking to safeguard their value in the face of the volatility of the Argentine peso and restrictions on access to foreign currencies.
K. Tovar
Source: Diariobitcoin
(Reference image source: Angelica Reyes, Unsplash)
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