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.

See Also:  Why trade cryptocurrencies in Australia?

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.

See Also:  Crypto Expert Predicts Bitcoin to Surge 600% Due to This Factor

Related Stories:

XRP Skyrockets 26% Following New York Judge’s Ruling in SEC LawsuitCongressman Emmer Supports Bill Targeting Gensler, Could Boost Bitcoin and Ripple $830 billion loss faced by investors due to Crypto crashBitcoin Surges 4% Today, but These 3 Bitcoin-Adjacent Stocks Soared Much Higher Bitcoin Slumps Below $68,000 on US Rate Cut Concerns, Crypto Market in RedBitcoin Slumps Below $68,000 on US Rate Cut Concerns, Crypto Market in Red Binance Under Pressure to Freeze Terra Co-Founder Daniel Shin's Funds After Prosecution RequestUS Congress Unveils Game-Changing Crypto Bill as SEC Sues Binance Altcoins worth $100 billion dropped in hot water after U.S. lawsuits against Binance and CoinbaseBitcoin(BTC) slips below $30K, falls 3%; Is this the end of the rally? Institutional Crypto FundsInstitutional Crypto Funds Spark Optimism for Bitcoin and Ethereum ETFs PayPal's Crypto Move: A Dollar-Backed Token for Online PaymentsUS lawmaker proposes bill to oust Gensler for his anti-crypto stance Bitcoin Price Hits 30K for the First Time Since January 2023Bitcoin Price Hits $30K for the First Time Since January 2023
William Ross
About William Ross 287 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.