Argentina took another step in the cryptocurrency market and created taxes for Bitcoin operations.
This new recommendation was published in the Official Gazette of the Government last Tuesday (16), mainly affecting cryptocurrency brokers.
It is worth remembering that Argentina is one of the South American countries that saw the explosion of Bitcoin adoption in recent years, with local inflation being one of the main reasons that led the population to the sector.
In addition to Bitcoin, Dollar-linked stablecoins have also become popular in the country, as they can help protect against the harmful effects of inflation in the Argentine Peso. These could also be impacted by the new tax.
Another? New Bitcoin Tax in Argentina
According to Serasa in Brazil “the Tax is a mandatory tax charged by the government”, a definition that makes it clear that this is an amount paid by the population so that the State’s expenses are covered. Usually presented by laws, decrees and other similar instruments, this payment is mandatory.
It is worth remembering that Argentina is already obliged to pay income tax and personal property tax associated with cryptocurrencies, when the amount exceeds the established income ranges.
And second Publication by the Argentine government, cryptocurrency brokers are required to pay another tax in the country. This Decree 796/2021, which was signed by President Alberto Fernández, creates a tax that in principle only affects Bitcoin brokers.
Thus, the government puts pressure on transactions with cryptocurrencies, which are now included in the tax on credits and debits in bank accounts.
Project may affect fintechs working with cryptocurrencies in the country
According to the portal iProUp, in a conversation with experts in the fintech sector who preferred not to be identified, this decree greatly affects companies that trade in cryptocurrencies, being considered a heavy blow in the sector, as banks will now be able to create barriers for these companies.
This measure had already been announced by the Central Bank of Argentina months ago and its implementation deadline was November 29th. In other words, it was a measure already awaited by the local cryptocurrency market.
Still, a company manager said the BCRA drafted tough rules in collusion with last-minute banks, which ended up leaving some operations at risk.
Thus, even if the tax is not charged directly from brokerage users, the market is waiting for a transfer to be made to customers, who will have to pay up to 5% more for Bitcoin purchased on these affected platforms.
In Argentina, the market is used to a parallel exchange called the “Blue Dollar”, which specialists do not rule out that the same should happen with Bitcoin, starting to operate also in a market apart from the regulated market, which is increasingly heavy for companies and local investors.