The proposed tax amnesty for cryptocurrencies in Argentina has been abandoned by government officials.
According to Bitcoin.com, the initiative, which would have exempted assets worth up to $100,000 from taxes, was dropped due to lack of consensus among legislators.
The proposal, which aimed to reduce government administration costs, was part of a bill promoting reforms in various areas and granting legislative powers to President Javier Milei.
However, the sale of cryptocurrency and receipt of income from it will still be subject to taxation, while ownership of cryptocurrencies will not result in any tax obligations.
The government views cryptocurrencies as financial assets and will base the tax on the latest market value as of December 31 of each year.
