Argentina: Cryptocurrencies will pay taxes

In another turn of the screw within the measures that the Argentine Central Bank (BCRA) is implementing against the financial dollar, and given the need for the government to finance the fiscal deficit, it continues its advance on cryptocurrencies. In this case, the “check tax” applies to all cryptocurrencies.

This occurs immediately after making Argentine platforms lose a payment method by limiting the purchase and sale per cvu, as we discussed a few days ago.

In a reform to the Competitiveness Law, the government issued Decree 796/2021 where it argues that “… in this context, it is prudent to limit the exemptions in force in the case of intervening in certain instruments, such as digital currencies or similar…”, And it decrees, in article 7: “The exemptions provided for in this decree and in other regulations of a similar nature will not apply in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and / or any another operation on crypto assets, cryptocurrencies, digital currencies or similar instruments, in the terms defined by the applicable regulations ”.

See more: Cryptoeconomy: Crypto crash

In this way, the decree, which establishes a series of exemptions in the field of Tax on Debits and Credits (Check Tax), for operators of Payment Service Providers (PSP), leaves out crypto assets, cryptocurrencies and other digital currencies. this exemption.

Specifically, the measure implies that virtual wallets must pay 0.6% per transaction, although they estimate that, in fact, this will not directly impact the final buyer.