Argentina Abandons Crypto Regulation in Milei’s Economic Reform
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Argentina Abandons Crypto Regulation in Milei's Economic Reform
The new government of Javier Milei in Argentina has removed the option to legalize crypto holdings from its ambitious reformist package. The clause about “asset regularization,” which proposed a one-time tax on undeclared assets, has been cut from the Law of Bases and Starting Points for the Freedom of Argentines. The bill proposed a 5% tax on all assets declared by March 2024, 10% from April to June 2024, and 15% from July to September. The scheme included cryptocurrencies, real estate, personal property, stocks, and securities. The decision to remove this clause was based on the delay it caused in the treatment of the bill in parliament.
In December, the government had announced that it would allow the use of Bitcoin in the country by a decree, but it did not follow through with this. A decree passed on December 20 allowed debtors to pay in currencies “not recognized as legal tender” in Argentina. Javier Milei became president amidst high inflation in the country. He has previously praised Bitcoin as a movement towards returning money to the private sector, but since taking office, he has not publicly mentioned digital assets. In January, Milei promised not to oppose provincial authorities’ creation of local currencies, in response to a governor announcing a separate currency for their province after Milei devalued the Argentine peso by 50% upon taking office.
It’s frustrating to see the government backtrack on their promise to allow the use of Bitcoin in the country. They should prioritize supporting innovative technologies, not hinder their progress!
It’s quite disappointing that the government didn’t follow through on their promise to allow the use of Bitcoin. 🤦♂️
It’s disheartening to see the government disregard the potential economic benefits of legalizing crypto holdings. Instead, they choose to hinder progress and limit financial opportunities for Argentines.
I hope the government reevaluates its position on cryptocurrencies and takes steps towards embracing them in the future.
The removal of the option to legalize crypto holdings is a setback for economic development and individual freedom. 😔
It’s a missed opportunity for the new government to support the private sector and encourage financial innovation.
I was really hoping for a more progressive approach towards cryptocurrencies from the new government.
I’m disappointed in Milei’s lack of focus on digital assets since taking office. It’s a missed opportunity. ⏳
I was hoping for some positive changes under the new government, but their handling of cryptocurrencies has left me disappointed.