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Bitcoin (BTC) taxes in Argentina

Mon 15 Nov 2021 ▪ 17h23 ▪ 2 min read — by Susan McCormack

Two provinces of Argentina have approved crypto tax laws, Bitcoin.com reports. Argentines have to disclose their cryptocurrency holdings and pay taxes in accordance with the transactions they make in the provinces of Tucuman and Cordoba.

Taxable cryptos

Back in early 2021, the government of Cordoba province decided to introduce a local crypto tax law. The tax rate varies from 4% to 6.5% and is charged on crypto exchange operations and total income received from conducting transactions involving individual traders and intermediaries.

Recently, Tucuman province has approved an amendment to article 223 “purchase and sale of foreign currency and government securities”.

Now Argentines from these two provinces who trade and store cryptocurrencies are obliged to disclose their income and pay taxes in accordance with the local tax regulations.

Crypto is gaining supporters

Argentina is one of the leaders in adopting crypto in Latin America. In 2020, the interest to Bitcoin in the country was peaking amid the deteriorating economic situation. In a week, Argentines converted more than 46 million pesos into BTC. That was the time when local congressman Ignacio Torres developed a bill on crypto regulation.

Efrain Barraza, the operating director in the Argentine division of the Athena Bitcoin ATM, and Alberto Vega, Founder and Co-CEO at Bithan, claimed that the bill was crucial for the local crypto community that couldn’t develop further without proper taxation system.

They noted that, compared to other countries, Argentina was lagging far behind in regulating digital assets, which was the reason why local crypto companies and individual investors had been facing challenges.

Not a single project has been submitted yet.

In May 2021, the Federal Administration for Public Revenue of Argentina obliged cryptocurrency exchanges to transmit monthly data on users’ transactions, status of accounts and balance.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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