controversial bill, by newly-elected President Javier Milei, would allow Argentines to get a lower tax rate on crypto assets, and also legalize their use in the country regardless of where or how they were acquired.

has proposed a wide range of economic and political reforms. BTC Price Index and Live Chart – CoinDesk”>(BTC) during his campaign. After its Tuesday introduction, Milei’s omnibus bill has already been met with heavy criticism and protests.

Under the proposed regularization scheme, cryptocurrencies can be included in assets such as cash and property. Early declarations will result in reduced penalties. Citizens who declare their crypto holdings by March 31 are subject to only 5% tax, which increases to 15% after November 30.

According to the draft, “the concessions are applicable to cryptocurrencies, cryptoassets and other similar products, regardless of their issuer or owner, or where they have been deposited, protected or stored.”

The economic problems of Argentina, from currency instability to high inflation, led the country to target millions of dollars worth of assets or cash that were held by its citizens abroad through amnesty programmes.

Sheldon Reback is the editor.