Argentina’s President, Javier Milei, has chosen to take out a proposed law that would tax cryptocurrency from a controversial group of reforms. He did this to try and speed up the approval of the changes.
The bill, called the “Ley Ãmnibus” or the “Law of Bases and Starting Points for the Freedom of Argentines,” initially had rules that required people to say if they owned things like cryptocurrencies that they hadn’t talked about before.
But Interior Minister Guillermo Francos said the rules are being taken out because the country needs to grow its economy quickly and make laws more efficiently.
“The tax part was reduced and the treatment was postponed,” Francos said, stressing that the government wants to focus on getting agreement on the more acceptable parts of the bill.
People are worried and confused about the decision to get rid of the crypto tax law
The decision to not tax cryptocurrency has made people worried and unsure about how cryptocurrencies will be taxed in the country.
Marcos Zocaro, an accountant who knows a lot about this, told the news that using cryptocurrencies for payment won’t be taxed.
He said that if you sell a lot of cryptocurrencies and make money, you will have to pay income tax. There is a limit where no tax is required.
The government took out the tax on crypto from the omnibus bill because people were upset and protesting against it. This is part of a larger plan by the Milei administration to deal with the criticism of their ideas.
The main aim of the Ley Omnibus is to make big changes to the economy, society and how things are run, to help the economy grow and give people more freedom.
The bill makes big changes in many areas like defense, taxes, pensions, and more. It has caused a lot of debate and worries.
Critics are worried about Milei’s proposed law
Critics say that the bill could harm Argentina’s democracy and its crypto tax laws, which have been developed over the last 40 years.
Many people are worried about how the bill will affect human rights and democratic institutions, according to reports from local news sources.
Some people say the bill wants to break important rules and make things like food, housing, and healthcare harder to get.
The bill could make essential public services like healthcare and education private and more expensive. This could be bad because there aren’t enough rules to make sure the services are still good and affordable.
Another controversial topic is how the bill deals with police and public protests.
Critics say the bill makes protesting a crime. This could lead to more restrictions on meetings and gatherings.
Since Milei’s party is not very powerful in Congress, it’s probable that the bill will meet opposition. That’s why the government is willing to compromise on some things.
The Congress has until February 15 to decide what will happen to the bill.