Tuesday, November 30, 2021

Cryptocurrencies will be taxed in some parts of Argentina.

The Takeaway:

Crypto users that trade and hold cryptocurrencies must disclose their earnings and pay taxes at least in two provinces of Argentina.

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Cryptocurrencies taxes have arrived in Argentina. Users that trade in cryptocurrencies must disclose their earnings and pay taxes in at least two provinces of the South American country. Cordoba and Tucuman provinces of Argentina have approved crypto tax laws. Several financial regulators around the world are actively working on crypto tax laws. Earlier, Indian Prime Minister Narendra Modi expressed concerns over the unregulated crypto market. 

 

Cryptocurrencies are treated as foreign currencies in these two provinces of Argentina. 

Cordoba and Tucuman in Argentina will now collect taxes on cryptocurrency earnings. The reason behind the new tax law lies in a new regulation adopted at the province level that stipulates cryptocurrencies will be taxed like other foreign currencies when traded. Argentina is among the few countries that are taxing crypto gains. Cryptocurrencies are treated as other international currencies in these two provinces of Argentina according to regulation. The province of Tucuman recently approved an amendment to article 223 of the law that states: Purchase and sale of foreign currency and government securities. The operations of the purchase and sale of digital currencies are included in this subsection.

 

Governments continue to work to regulate cryptocurrencies. 

Introducing laws to tax cryptocurrencies is being considered in several countries of the world due to the rising popularity of these instruments as an asset class and as a payment method. Cryptocurrencies started picking up steam in Argentina after the government put a limit on the number of dollars each citizen could buy monthly. Earlier, the government of Mexico recommended taxing this kind of transaction with a 20% 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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