Bitcoin operations will not get laundered to avoid paying taxes, says Fintech Argentina. Fintech Argentina intends to start a dialogue with the government to improve the conditions of cryptocurrencies.
The Argentine Chamber of Fintech published a statement against the new tax on cryptocurrency operations established by the government of Alberto Fernández. The entity points out that this new policy does not benefit the industry and will only encourage Argentines to carry out shady transactions without laundering or declaring.
Since Wednesday, November 17, all people who purchase or sell cryptocurrencies, such as bitcoin, must pay a tax in Argentina. Faced with this new rule that the government established the same day it got announced, different figures in the country publicly expressed their discontent.
The Argentine Chamber of Fintech, the association that unites various technology companies in the country, declared that the tax on cryptocurrencies goes against what they had discussed. He intends to promote the application of these assets in the country, something that he believes will be more complicated with the new tax.
The incidence of the tax is still unknown, and how it will get reflected in exchanges, its application would imply an increase in the rates of these companies since they will have more expenses.
The organization highlights that Argentines will eventually find a way to work without paying the tax, which will increase the informal market, as it happens with the blue dollar.
Miguel Ángel Boggiano, the director of Carta Financiera, an investment and financial markets advisory company, made a strong disclaimer on the matter. In his Twitter account, where he has more than 200,000 followers, he highlighted that the new tax is another way the government found to steal from Argentine citizens.
New Tax on Cryptocurrencies in Argentina Would Limit Fintech Growth
This policy would directly impact not only cryptocurrency users but also companies in the industry. Around 10% of Argentina’s fintech is in the bitcoin and blockchain industry.
In Patagonia, a pole got created along with 400 businesses that receive payments in cryptocurrencies. A Visa debit card also got recently launched to purchase products or services with digital assets such as bitcoin.
This new national tax, approved by President Alberto Fernández, Chief of Cabinet Juan Luis Manzur, and Minister of Economy Martín Guzmán, is not the only one in Argentina. It is the third taxation measure that gets imposed on the ecosystem of cryptocurrencies.
Recently, in Córdoba and Tucumán, the legislature applied taxes on the possession and sale of cryptocurrencies, such as bitcoin. In Cordoba, there is even one tax for those businesses that use these assets as a means of payment.
By: Jenson Nuñez
