Argentina President Milei Seeks to Encourage Bitcoin Use with New Tax Bill

December 30, 2023 William Ross Cryptocurrency News, World 0

Milei's Bitcoin Vision: A Tax Declaration Bill for Argentina
Bitcoin Tax Declaration Bill Introduced by Milei in Argentina

Argentina’s newly elected president, Javier Milei, has introduced a bill that would require all citizens to declare their bitcoin and other cryptocurrency holdings to the tax authorities. The bill, which was presented to the Congress on December 28, aims to prevent tax evasion and money laundering using digital assets.

According to the bill, anyone who owns or controls more than 0.01 bitcoin or equivalent in other cryptocurrencies must report their holdings to the Federal Administration of Public Revenue (AFIP) by March 31, 2024. The bill also proposes a progressive tax rate for cryptocurrency gains, starting from 5% for those who declare before June 30, 2024, and increasing to 15% for those who declare after that date.

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Milei, who is a libertarian economist and a vocal supporter of bitcoin, said that the bill is not intended to discourage or penalize the use of cryptocurrencies, but rather to promote transparency and fiscal responsibility. He said that Argentina needs to embrace the innovation and potential of the crypto space, but also to ensure that everyone pays their fair share of taxes.

The bill has received mixed reactions from the crypto community in Argentina and abroad reported ETHNews.com. Some praised Milei for his pro-bitcoin stance and his recognition of the importance of cryptocurrencies for the country’s economic development. Others criticized him for imposing unnecessary regulations and burdens on crypto users and investors, and for violating their privacy and financial sovereignty.

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William Ross
About William Ross 286 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.