Argentina Tax Office instructed cryptocurrency exchanges to file their users’ transaction data in a monthly report.
Argentina, which has come a long way in terms of cryptocurrency adoption in the last 1 year, continues with its regulations. The people of Argentina, whose economic problems have increased with the pandemic, are trying to reach economic prosperity individually by entering the crypto money world.
An important instruction has been given for Argentina crypto investors seeking prosperity. According to the report of Argentina’s local newspaper Bae Negocios, the Argentine Tax Office instructed cryptocurrency exchanges to list all user accounts.
The instruction includes the definition of all user accounts as well as the income, expense and monthly account balances of the users. From now on, the documents that will request monthly until the 15th of each month show that the accounts in the crypto money exchanges are also considered as a kind of bank account.
35% Dollar Tax to Argentines!
About a year ago, the Argentine government introduced a taxation of 35% on purchases made with the US dollar in order to combat inflation. After this application, the Argentinians turned to the cryptocurrency world and removed their American Dollars via buying Stablecoin fixed to USD.
World Economic Forum announced that, Argentina is among the top 10 countries in the world in the list prepared based on the use of crypto money. Based in Argentina and one of the country’s largest cryptocurrency exchanges, Ripio is one of the greatest proofs of the orientation to the cryptocurrency world. Argentina-based stock exchange started the year 2020 with 400 thousand users and closed the year with over 1 million users.
Citizens turning to the cryptocurrency world due to the country’s economic troubles caused by debt, inflation and pandemics are worried about the high rate of taxation in the cryptocurrency world where they seek prosperity.