New Tax Regime on Crypto Transactions in Argentina

New Tax Regime on Crypto Transactions in Argentina

Taxation studies for earnings from cryptocurrencies or crypto money transactions continue all over the world. Some countries have clarified the tax regime related to the sector. The South American country Argentina is one of them.

With the decision published in the Official Gazette in Argentina, a tax of 0.6% will be charged from each transaction, subject to the check tax rule. In other words, a tax of 0.6% will be paid on all purchases made through a cryptocurrency exchange with a bank account in the country.

Until now, crypto transactions in Argentina were taxed under the capital gains tax introduced in 2017.

It is anticipated that the new regime will increase the prices of cryptocurrencies for domestic investors trading in Argentine Peso.

In Argentina, Central Bank Governor Miguel Pesce said in September, “We are concerned about the development of cryptocurrencies.” he said. Interestingly, in August, President Alberto Fernandez said, “There is no reason to say ‘no’ to Bitcoin.” had made a statement.

It is estimated that more than 1.3 million people in Argentina own cryptocurrencies. This corresponds to approximately 3% of the total population.

SEE ALSO: What is MetaMask Digital Wallet?

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Marcus Arat

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