Since 2001, a transactional tax—so old it probably still uses dial-up—lurks over the Argentine crypto wallet ecosystem, casting a shadow longer than winter in Chekhov’s Yalta. Wallet providers and exchanges now find themselves outmaneuvered by banks and global crypto behemoths, all under the hopeful yet idle gaze of President Milei. The tax, alas, remains as fixed as Aunt Marfa’s frown.
Chaos, Confusion, and Crypto Wallets: Checkmate in Buenos Aires
The crypto industry here tries valiantly to keep its head above water (not easy, when you’re taxed at 1.2% for every transaction—almost enough to make one nostalgic for those mysterious Soviet levies). In a rare victory, crypto did manage to shave the tax down to 0.075% back in 2021. It was celebrated, briefly, like a samovar that actually worked.
But lately, the Argentine tax authority ARCA has threatened to bring the axe back down—full tax, no discounts—like a landlord demanding rent for the last decade. For the industry, this could mean financial collapse (again), since the tax is higher than most transaction fees. It’s almost enough to make you long for the stability of ruble inflation.
Worse, ARCA might demand retroactive payments—which would surely spell downfall for local providers. Imagine telling your accountant, “We owe back-taxes from when people still thought Bitcoin was a video game.”
Whispers on the street claim President Milei nearly signed an executive order to quash the tax and fulfill his libertarian, anti-tax promises. But apparently, his pen slipped—perhaps distracted by the recent Libra scandal, or maybe just a particularly good mate.
The Argentine Fintech Chamber—never one to miss a party—has now demanded the tax be abolished. Their argument? It singles out crypto for special punishment and stunts the sector’s growth, like putting a leaky roof over a mushroom farm.
As they put it (full lamentation here):
“In a context in which we seek to promote free competition between currencies and assets, maintaining this discrimination solely for the purpose of operating with virtual assets goes against the model of the country we want to build.”
The coming months might be decisive, or they might just be yet another season of Argentine waiting. Will the government finally lift the tax and let the industry breathe, or must the crypto players prepare to shut their doors and reminisce about lost fortunes over tea and heavy sighs? If you have any rubles or pesos left, place your bets. 🎲📉
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2025-05-15 12:57