Last month, Bitcoin-supporting libertarian candidate Javier Milei won the elections in Argentina and became the new president of the country.
After the BTC supporter candidate won the elections, the government turned to cryptocurrencies and prepared a new tax peace bill regarding taxpayers' assets that they did not declare to the public.
Accordingly, the government stated that cryptocurrencies such as BTC were included in the bill it prepared for the assets that taxpayers must report.
“Cryptocurrencies are among the various assets, from cash to property, that taxpayers must declare under the proposed draft, with reduced penalties for early declaration.
For example, citizens who declare their cryptocurrency holdings before March 31 will be subject to a tax rate of only 5%, which will rise to up to 15% by November 30.
“Tax rates for cryptocurrencies will apply regardless of who is the issuer of the cryptocurrencies, or where they are stored, secured or stored.”
As you may remember, there was good news from Argentina last week. Argentine Foreign Minister Diana Mondino announced that contracts can now be made in Bitcoin.
*This is not investment advice.