The Argentine government imposed a levy on all cryptocurrency operations, it disclosed on Wednesday. The directive for digital money was included by decree in the tax on bank credits and debits, better known as the check tax.
Presidential decree 796/2021, published in the Official Gazette, introduced changes to the Competitiveness Law, which created the check tax in 2001. The document was signed by President Alberto Fernández, the Chief of Cabinet, Juan Manzur, and the Minister of Economy, Martín Guzmán.
Argentina is one of the 10 countries globally where the use of cryptocurrencies has been adopted the fastest. Official data indicate that the Argentine market has at least 2 million open user accounts.
The Federal Administration of Public Revenues (AFIP) did not let this data pass to incorporate digital money operations to its tax source. More at this time when the government needs to increase its revenues to raise public spending and satisfy voters.
The regulations establish that “the exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and / or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments, in the terms defined by the applicable regulations”.
On The FlipsideThe tax was approved by the government two days after losing the legislative elections against the Argentine center-right. The Competitiveness Law grants special powers to the government to establish total...