Argentina’s new administration, spearheaded by pro-Bitcoin leader Javier Milei, is pushing forward a bill designed to simplify the process of legalizing crypto holdings, even for those owing taxes on these assets.
The proposed bill, named the Law of Bases and Starting Points for the Freedom of Argentines, made its way to Congress on December 27.
This legislation introduces an “asset regularization scheme” that streamlines the legalization of crypto holdings without requiring extensive documentation detailing the origins of these assets.
Under this scheme, taxpayers would adhere to a flat tax rate based on their assets:
- Declaration by the end of March 2024: 5% tax rate
- April to June 2024: 10% tax rate
- July to September 2024: 15% tax rate
In December, Argentina’s Minister of Foreign Affairs, International Trade, and Worship, Diana Mondino, hinted at a new decree permitting the use of Bitcoin and other cryptos in Argentina under specific conditions.
Titled “Bases for the Reconstruction of the Argentine Economy,” the decree doesn’t explicitly mention cryptocurrencies. However, it includes provisions enabling debtors to settle their debts using currencies not recognized as legal tender in the country.
President Milei, known for previously praising Bitcoin as a move toward “returning money to its original creator, the private sector,” hasn’t made any public statements regarding digital assets since assuming office.
