Argentinians will be given the opportunity to ‘control’ an undeclared crypto

Argentina's newly formed government, under self-appointed libertarian Javier Millay, has said it will pave the way for legalizing crypto holdings even though tax returns are out of date.

On December 27, the Law of Bases and Starting Points for Argentine Independence was introduced to the Argentine Congress. The 351-page bill contained a number of reforms on taxation, labour, crime, power and elections, launching Milley's controversial reform agenda.

The bill contains some quotes about crypto regarding tax payment procedures. In the section called “Property Normalization Plan”, the document lists the types of assets that a taxpayer can legalize without providing any “additional documentation” on their origin.

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All taxpayers must pay within the framework of such a regularization plan is a flat tax on properties: 5% if they declare properties at the end of March 2024, 10% from April and until the end of June 2024, and 15% from July until the end of September.

Earlier in December, the Minister of Foreign Affairs, Argentina's Minister of International Trade and Worship, Diana Mondino, said that a decree focused on economic reform and correction would allow the use of Bitcoin (BTC) and other cryptocurrencies in the country in some cases.

The “fundamentals for the reconstruction of the Argentine economy” decree passed on December 20 does not specifically mention crypto, but includes provisions where borrowers can pay in currencies that are not recognized as legal tender in Argentina.

Miley came to power amid high inflation across the country. Argentina's president once referred to Bitcoin as a move to “bring money back to its original creator, the private sector.” He has not spoken publicly about digital assets since taking office.

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