Bitcoin and other cryptocurrencies now subject to “check tax” in Argentina
RIO DE JANEIRO, BRAZIL – Decree 796/2021, published today in the Official Gazette, introduces changes to the Competitiveness Law, which created the “check tax” in early 2001.
The decree recalled that, in late October last year, the Central Bank established a new operating framework to extend electronic transfers, and through Communication A 7153 updated the National Payment System and established what is known as Transfers 3.0.
Likewise, the Central Bank established that the implementation of phase 1 should be fully operational by December 7, 2020 at the latest, and set November 29 this year as the deadline for the implementation of the remaining required phases.
As a consequence, the decree considered it “necessary to adapt the regulations related to the tax regime for the new players and roles.”
In addition, it considered that “the exemptions for the accounts of companies that provide the service of processing and settlement of third party payments through different electronic means, either in-person or remote, both for the collection of taxes and public services, as well as for goods and services, should be updated and harmonized.”
It further indicated that “certain clarifications on specific exemptions contemplated therein should be introduced in order to clear any interpretative questions that may arise.”
In this respect, it pointed out that “the State has the obligation to safeguard an equal tax treatment, in this case for Payment Service Providers (PSP) that perform similar functions as tax liquidation and withholding agents, whether national, provincial or municipal.”
In this context, it argued that “it is prudent to limit the exemptions in force in the case of intervention of certain instruments, such as digital currencies or the like.”
“The exemptions provided for in this decree and in other rules of similar nature will not be applicable in such cases where the transfer of funds are linked to the purchase, sale, exchange, brokerage or any other transaction on cryptoassets, cryptocurrencies, digital currencies, or similar instruments,” the decree stated.
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+0.67%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 80,543 | +0.67% | -29.41% | 80,007 | 80,550 | 79,380 | 21,816,416,256 |
| ETH | 2,348 | +1.18% | -43.00% | 2,320 | 2,349 | 2,295 | 8,316,267,520 |
| SOL | 100.98 | +0.22% | -49.19% | 100.75 | 101.04 | 99.17 | 2,110,777,984 |
| XRP | 1.32 | +1.04% | -49.89% | 1.31 | 1.32 | 1.29 | 1,574,615,552 |
| BNB | 750.98 | +1.29% | -34.10% | 741.42 | 751.10 | 733.56 | 1,470,316,160 |
| ADA | 0.21 | -0.30% | -69.21% | 0.21 | 0.21 | 0.20 | 190,120,672 |
| DOGE | 0.08 | +0.78% | -60.98% | 0.08 | 0.08 | 0.08 | 441,746,112 |
| AVAX | 8.84 | -1.36% | -56.54% | 8.96 | 8.96 | 8.67 | 289,961,824 |
| LINK | 11.47 | +0.80% | -37.04% | 11.38 | 11.47 | 11.23 | 248,509,440 |
| DOT | 0.99 | -2.05% | -68.52% | 1.01 | 1.01 | 0.98 | 109,918,912 |
| LTC | 56.59 | -0.13% | -43.06% | 56.66 | 56.87 | 55.70 | 169,852,160 |
| BCH | 290.36 | +3.57% | -47.81% | 280.36 | 292.52 | 277.47 | 195,939,216 |
| TRX | 0.33 | -0.51% | +9.69% | 0.33 | 0.33 | 0.33 | 371,519,040 |
| XLM | 0.17 | +0.21% | -47.60% | 0.17 | 0.17 | 0.17 | 107,134,680 |
| HBAR | 0.08 | -1.56% | -58.82% | 0.08 | 0.08 | 0.08 | 55,674,584 |
| NEAR | 4.62 | +2.60% | +97.50% | 4.50 | 4.64 | 4.39 | 630,712,192 |
| ATOM | 1.61 | -1.48% | -49.28% | 1.64 | 1.64 | 1.60 | 30,012,314 |
| AAVE | 132.37 | -2.36% | -43.78% | 135.57 | 135.87 | 129.56 | 246,790,448 |
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