The increase in the use of cryptocurrencies is taking place against a backdrop of devastating economic fallout from the COVID-19 pandemic, with the World Bank declaring Latin America and the Caribbean the “hardest hit” regions in the world.
Argentina’s inflation rate hovers around 50%. The idea of taking on crypto as a hedge against inflation comes in part and being encouraged.
The Argentinian government has issued regulations regarding cryptocurrencies related to taxation and the prevention of money laundering and the financing of terrorism.
Taxes and Regulation
Cryptocurrencies are not prohibited in Argentina, and are therefore legal.
There is no specific regulation applicable to the sale of cryptocurrencies or other tokens under securities laws or investment laws in Argentina.
There is no information about crypto users in Argentina, therefore the new 15% tax affect is still unknown.
You may utilize P2P trade in Argentina via PayPal, Zelle, Amazon giftcards, bank transfers or even cash, but there is no formal or governmental organization which organize it, and therefore, there is no scam-prof method for trading crypto.
The Argentinian government has no way to track crypto or surveil on citizens’ wallets.