Argentina scraps crypto regularization in Milei's new economic reform

cointelegraph2024-01-30 tarihinde yayınlandı2024-01-31 tarihinde güncellendi

The option to legalize crypto holdings, even if they’re overdue on tax declarations, has been dropped from the ambitious reformist package that the new government of the self-proclaimed libertarian Javier Milei introduced to the Argentine parliament.

As the Argentine tech outlet iProUP reported on Jan.27, the clause about the “asset regularization,” suggesting a single-time tax on various types of previously undeclared assets, has been cut out of the Law of Bases and Starting Points for the Freedom of Argentines, an omnibus bill that should kickstart the Milei’s policy agenda.

This part of the bill proposed a simple tax of 5% on all assets, declared by the end of March 2024, 10% starting from April and till the end of June 2024, and 15% starting from July and till the end of September.

The regularisation scheme included cryptocurrencies and other assets such as real estate, personal property, stocks, and securities.

According to the Minister of the Interior, Guillermo Francos, the decision to eliminate the “asset regularization” from the bill was based on the fact that “it delayed the treatment” of the initiative in parliament.

Previously, in December, Diana Mondino, minister of foreign affairs, international trade and worship of Argentina, claimed that the government would allow the use of Bitcoin in the country by a decree. That did not happen. However, the “Bases for the Reconstruction of the Argentine Economy” decree, passed on Dec. 20, included provisions that debtors could pay in currencies “not recognized as legal tender” in Argentina.

Javier Milei came into power amid pressing inflation across the country. The Argentine president once referred to Bitcoin as a movement toward “the return of money to its original creator, the private sector.” Since taking office, he has not publicly spoken about digital assets.

In January, the Argentine President promised not to legally oppose provincial authorities’ creation of local currencies. The statement was made in response to the governor of La Rioja province, Ricardo Quintela, who had announced a separate currency for the province after Milei devalued the Argentine peso by 50% after taking office.

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