Argentina is brewing a new crypto tax paradigm, and two of the provinces have now approved crypto tax laws. This means that Argentine citizens must disclose their cryptocurrency and pay taxes based on their transactions in Tucuman and Cordoba provinces. This is because cryptocurrencies have been classified as one class with all other international currencies and therefore require taxation.

Certain provinces in Argentina will impose taxes on cryptocurrencies

The cryptocurrency tax has arrived in Argentina, at least in some provinces. Now, users who trade and hold cryptocurrency must disclose their income and taxes in at least two provinces: Cordoba and Tucuman. The reason behind this is a new regulation passed at the provincial level, stipulating that cryptocurrencies will be taxed like other international currencies when they are traded.

This means that, in fact, in these two provinces, cryptocurrencies are regarded as other international currencies according to regulations.Tucuman Province recently approved a Amendment Article 223 of the law states:

Buy and sell foreign currencies and government securities. This section covers the trading operations of digital currencies.

Cordoba, another province that approved a similar resolution earlier this year, also decided to impose a tax on cryptocurrency transactions, but it extended this tax rule to individuals or companies that pay for their products or services in cryptocurrencies.

Cryptocurrency is becoming more and more popular

Due to the increasing popularity of these tools as asset classes and payment methods, some countries in the world are considering including cryptocurrencies in the scope of these laws. The government is beginning to realize that if these payments are not regulated, they will lose a lucrative source of income.

In fact, the Mexican government has proposed a 20% fee for such transactions.After the Argentine government announced the cryptocurrency, the cryptocurrency began to heat up limit The amount of dollars that each citizen can buy per month. This is a breakthrough point for a country that is not known for participating in cryptocurrencies. It has developed an interest in these new cryptographic tools, which provide an alternative to savings in the above-mentioned situations.

But it’s not just cryptocurrency payments that have succeeded in Argentina.Because of its cheap energy, the country has become an interesting choice for Bitcoin mining companies such as Bitfarms, which have architecture A large Bitcoin mining farm to take advantage of affordable energy prices in the region.

What do you think of Argentina’s new cryptocurrency tax? Tell us in the comments section below.

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