Argentinian President Javier Milei, in collaboration with Economy Minister Luis Caputo, has recently made a legislative change that revoked planned tax breaks for digital currencies. This adjustment modifies a significant part of the policy outlined in the ‘Bases and Starting Points for the Freedom of Argentines’ bill. This move represents a considerable shift away from Argentina’s earlier more supportive attitude towards Bitcoin and digital assets, as Pro-Bitcoin President Milei eliminates tax breaks. According to the Argentine technology news website iProUP, the preliminary version of the legislation proposed a provision for the regularization of assets, implying a single instance tax on a host of undisclosed assets, encompassing digital currencies. The tax framework within the bill aimed to enable Argentine residents to reveal possession of assets that hadn’t been declared before, with digital currencies included. The tax imposed would be 6.593% for the initial $100,000 of the asset’s value, while any value beyond that amount would be subject to a tax rate of up to 15%. In connection to this topic, there’s additional information about the Bitcoin Advisor from El Salvador discussing his strategic plans for Argentina’s Milei. Nonetheless, following a determination by President Milei and Minister Caputo on Friday, this section of the legislation was omitted. Guillermo Francos, the Interior Minister, clarified that the hold-up in the legislative procedure was attributed to the delay. Francos remarked, “The budgetary aspect was trivial but postponed the progress of the proposal in Parliament.” He additionally stressed that the purpose of the Bases Law is to create a conducive environment for economic growth by ensuring liberty. He pointed out that eliminating the tax provisions was essential to accelerate the achievement of this goal. The decision to eliminate tax exemptions for cryptocurrencies has sparked renewed debate over the existing taxation policies for digital currencies in Argentina. Accountant Marcos Zocaro explained to iProUP that the primary taxes applicable to cryptocurrencies are Income Tax and Wealth Tax. Zocaro went on to explain that simply purchasing ‘digital currency’ does not result in an individual having to pay taxes.