Argentina’s Ministry of Economy, the country’s economic policy manager, has drafted a bill to encourage Argentines to declare their cryptocurrency holdings with the inducement of discounted tax rates.
Aimed at combating
The bill also aims to encourage Argentines to declare holdings of other financial assets that are subject to capital gains such as fiat currency, shares, stocks, real estate and even furniture.
The proposed law would force both domestic and overseas holdings to be deposited into approved banks either in Argentina or in foreign banks regulated by that jurisdiction’s central bank or securities commission.
The bill will be tabled and discussed in the next parliamentary session.
Related: Argentina’s province to issue US dollar-pegged stablecoin
Emerging markets are a hotbed for crypto adoption, Argentina ranked 13th overall in the 2022 Global Adoption Index from blockchain data firm Chainalysis.
Argentines have been lured to crypto due to high inflation in the country and its ease of use for cross-border transactions. Argentina’s inflation rate almost hit 72.4% in 2022 according to Statista data.
