Argentina’s president proposes cryptocurrency holdings declaration bill, sparking domestic controversy

Argentina’s newly elected president, Javier Milei, has proposed a controversial bill that would require citizens to declare their domestic and foreign cryptocurrency holdings in order to receive lower tax rates and legally use these assets domestically. The asset regularization plan is part of a broad range of economic and political reforms he has proposed. According to the draft, citizens who declare early will only be subject to a 5% tax rate until March 31, which may increase to as high as 15% thereafter. The bill was welcomed by the crypto market as Milei praised Bitcoin during the campaign. However, the bill triggered fierce opposition and protests in the country as soon as it was proposed. The regime applies to a variety of assets, including cryptocurrencies, crypto-assets, etc., regardless of their issuer, owner or location. Argentina's longstanding economic problems, from high inflation to currency instability, have led the government to track billions of dollars in cash or assets held abroad by its citizens through an amnesty program. (CoinDesk)