The authorities of Argentina proposed to declare income in cryptocurrencies

The Ministry of Economy of Argentina has published a bill that proposes to encourage residents of the country to declare their income in digital assets. To do this, they plan to use preferential tax rates.. The project is called “On the externalization of Argentine savings” and its main goal is to fight money laundering in the country.. It is noteworthy that, according to the bill, Argentines will be required to declare their income in cryptocurrencies under oath. The incentives are as follows: those who declare their income within 90 days of the entry into force of the law will be able to pay only 2.5% capital gains tax on their crypto assets. The rate will increase every 90 days until it reaches a ceiling of 15% – that is, the standard rate in force in the country. The bill should also encourage citizens to declare their other assets, whether it be real estate, stocks or fiat currency.. Moreover, the project will oblige to place assets, both within the country and abroad, in banks approved by the Central Bank of Argentina. Currently, Argentina, according to Chainalysis, is one of the twenty countries leading in the implementation of cryptocurrencies.. According to the New York Times, more than a third of Argentines buy or sell cryptocurrencies at least once a month. Earlier, the Argentine Senate began discussing a bill to regulate the advertising of cryptocurrency companies' products to protect consumers from the risks of losing funds.