The bill includes provisions for an "asset regularization scheme" that would allow taxpayers to legalize crypto holdings.
Argentina's new government, led by pro-Bitcoin Javier Milei, is proposing a bill that would make it easier for people to legalize their crypto holdings, even if they owe taxes on those assets.
The bill, called the Law of Bases and Starting Points for the Freedom of Argentines, was introduced to Congress on December 27.
The bill includes provisions for an "asset regularization scheme" that would allow taxpayers to legalize crypto holdings without having to provide additional documentation about where the assets came from.
Taxpayers would pay a flat tax on their assets under the regularization scheme:
- If they declare their holdings by the end of March 2024, the tax rate will be 5%
- From April to June 2024, it will be 10%
- From July to September 2024, the tax rate will be 15%
In December, Argentina's Minister of Foreign Affairs, International Trade, and Worship, Diana Mondino, claimed that a new decree would allow the use of Bitcoin and other cryptocurrencies in the country under certain conditions.
The decree, titled "Bases for the Reconstruction of the Argentine Economy," did not specifically mention crypto, but included provisions that would allow debtors to pay their debts in currencies that are not recognized as legal tender in Argentina.
President Milei, who has previously referred to Bitcoin as a movement toward "the return of money to its original creator, the private sector," has not publicly commented on digital assets since taking office.
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