• About
  • FAQ
  • Landing Page
  • Buy JNews
Newsletter
Crypto News
Advertisement
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Crypto News
No Result
View All Result

Bitcoin Is Going Through the Roof in Argentina While the Government Imposes New Taxes

by
December 11, 2020
in Uncategorized
0
Bitcoin Is Going Through the Roof in Argentina While the Government Imposes New Taxes
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bitcoin Is Going Through the Roof in Argentina While the Government Imposes New Taxes

Argentina’s Senate approved an extraordinary one-time wealth tax to fight the coronavirus pandemic by seeking to boost government revenue and targeting millionaires with assets of more than 200 million pesos ($2.5 million). At the same time, the country still faces a 35% inflation.

Related articles

Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors

April 11, 2021
Why ADA could run hotter than Bitcoin and make 10x gains

Why ADA could run hotter than Bitcoin and make 10x gains

April 11, 2021

Argentinean Senate Approves New Taxes, While Bitcoin Keeps Skyrocketing Against the Argentine Peso

According to El Pais, the measure, citing opposition parties’ statements, could “slow down the investments” in a country whose fiat currency, the Argentinean Peso (ARS) is highly devalued against bitcoin (BTC). The law aims to tax between 1% and 3% of the wealth of taxpayers.

As of press time, BTC/ARS is hovering around the 1,500,850 level, off from the 1,594,196 area (all-time high) reached early December 2020. It is worth noting that this price is not based on the parallel dollar (known as “blue dollar”) that circulates in Argentina, but the official dollar price.

Back in July 2019, BTC was trading at 491,000 ARS, yielding over 185% in a single year so far. If the quotation is made with the blue dollar, bitcoin is currently treading waters at 2,712,438 ARS, according to local exchange Ripio.

The parallel dollar is the only free exchange rate governed by supply and demand forces in the country. Although its purchase and sale in the country are illegal, the surging of the quotation is related to the depreciation of the ARS: a currency that faces economic troubles, inflationary turmoil, oversized emissions, and hopeless forecasts from experts, giving enough room to BTC to surge across the board.

On December 5, 2020, a Bloomberg report noted that the gap between the official and market-based exchange rates narrowed since October due to the government’s adoption of more “orthodox measures to boost exports.”

Is This the End of the Argentinean Peso in the Latin American Nation?

This is given in the context of the recent stance from the Director of the Central Bank of Argentina (BCRA) on fiat, Carlos Hourbeigt, who stated in a recent presentation before the Argentine Chamber of Fintech that “the common enemy is the cash.”

He has been promoting “Transferencias 3.0,” an upcoming national payments network that aims to replace the Argentinean peso in cash, and which will be monitored by the Central Bank and three companies from the financial sector, including Prisma, Red Link, Interbanking, and Coelsa.

Despite the interest of the BCRA in replacing cash in the country, the local cryptocurrency community has taken this stance with some skepticism. Camilo Jorajuría, an Argentinean legal consultant and expert in bitcoin and blockchain affairs, made the following comment through his Twitter account on the digital wallet promoted through Transferencias 3.0, raising concerns on privacy:

The desire of regulators, local and global, is the Chinese model. Maximum population control with zero privacy. Only bitcoin fixes this.

Crypto Adoption Keeps Surging in Argentina

A study published by Chainalysis on September 3, 2020, analyzed the current status of cryptocurrencies in Latin America, highlighting Argentina as one example of how its depreciation in the national fiat has been boosting crypto adoption significantly so far this year.

The report also adds that restrictions on the amount of U.S. dollars that Argentineans can buy per month fuel the need for buying cryptocurrencies across the nation, as such barriers limit their options to secure savings.

Do you think the recent tax measures will only help to further boost crypto adoption in Argentina? Let us know in the comments section below.

The post Bitcoin Is Going Through the Roof in Argentina While the Government Imposes New Taxes appeared first on Bitcoin News.

Share76Tweet47

Related Posts

Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors

by
April 11, 2021
0

Guggenheim CIO Scott Minerd has warned crypto investors about bitcoin’s pullback. He said bitcoin “clearly has gotten caught in a...

Why ADA could run hotter than Bitcoin and make 10x gains

Why ADA could run hotter than Bitcoin and make 10x gains

by
April 11, 2021
0

After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA)...

How Ethereum’s gas fees could be on a lasting downtrend

How Ethereum’s gas fees could be on a lasting downtrend

by
April 11, 2021
0

Anonymous developer of protocol Mist, Stephane, has sparked a debate over the possibility of a reduction in Ethereum gas fees....

Top 5 cryptocurrencies to watch this week: BTC, XLM, MIOTA, XMR, XTZ

by
April 11, 2021
0

Traders appear to be waiting for a trigger to start the next leg of Bitcoin's uptrend and if that happens,...

Romanian university plans to accept crypto payments for admission fees

by
April 11, 2021
0

The academic institution with a student body of roughly 11,000 said the addition of crypto payments was part of a...

Load More
  • Trending
  • Comments
  • Latest
Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

February 6, 2021
Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

February 3, 2021

Mark Cuban Invests in Mintable

March 6, 2021
Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

February 17, 2021

Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0

Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors

April 11, 2021
Why ADA could run hotter than Bitcoin and make 10x gains

Why ADA could run hotter than Bitcoin and make 10x gains

April 11, 2021
How Ethereum’s gas fees could be on a lasting downtrend

How Ethereum’s gas fees could be on a lasting downtrend

April 11, 2021

Top 5 cryptocurrencies to watch this week: BTC, XLM, MIOTA, XMR, XTZ

April 11, 2021
Crypto News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Aave (AAVE)
  • Abra
  • Alt Season
  • altcoin
  • Altcoin Market Cap
  • Altcoin News
  • altcoin prices
  • altcoins
  • Altseason
  • Barstool Sports
  • Basic Attention Token (BAT)
  • Binance
  • Binance (BNB) News
  • Binance Coin (BNB)
  • Binance Ecosystem
  • Binance Smart Chain
  • Binance Smart Chain (BSC)
  • bitcoin
  • Bitcoin
  • Bitcoin (BTC) Adoption
  • Bitcoin (BTC) General News
  • Bitcoin (BTC) News
  • Bitcoin (BTC) Predictions
  • Bitcoin Cash (BCH)
  • Bitcoin Cash (BCH) General News
  • Bitcoin dominance
  • Bitcoin ETF
  • Bitcoin Futures
  • Bitcoin Miners
  • bitcoin network
  • Bitcoin Options
  • Bitcoin price
  • Bitcoin SV (BSV)
  • Bitfinex
  • BitGo
  • Bitstamp
  • Bittrex
  • Blockchain
  • Blockchain News
  • bloomberg
  • Brad Garlinghouse
  • Business
  • Cameron Winklevoss
  • Cardano (ADA)
  • Cardano Upgrade
  • Cash app
  • CFTC
  • ChainLink
  • ChainLink (LINK)
  • Chainlink (LINK) News
  • Chainlink Community
  • Chainlink Oracles
  • Chainlink Price Prediction
  • Changpeng Zhao
  • Charles Hoskinson
  • charlie lee
  • CME Ethereum Futures
  • CME Group
  • coinbase
  • Coinmarketcap
  • Commodity Futures Trading Commission
  • Consensys
  • Craig Wright
  • Crypto Exchanges
  • cryptocurrency
  • Dash (DASH)
  • Dave Portnoy
  • Decentraland (MANA)
  • DeFi
  • DeFi Pulse
  • Deribit
  • Dogecoin (DOGE)
  • Electric Coin Company
  • Elon Musk
  • ETH 2.0
  • ETH2.0
  • Ethereum
  • Ethereum (ETH)
  • Ethereum (ETH) News
  • Ethereum 2.0
  • Ethereum Classic (ETC)
  • Ethereum Fees
  • Ethereum Futures
  • Ethereum Miners
  • Ethereum Network
  • ethereum price
  • Ethereum price analysis
  • Ethereum Staking
  • Ethereum Upgrade
  • Ethereum Upgrades
  • Filecoin (FIL)
  • Flare Networks
  • Flare Networks Snapshot
  • Gemini
  • google
  • Grayscale
  • Grayscale Bitcoin Trust (GBTC)
  • Grayscale Ethereum Trust (ETHE)
  • Grayscale Investments
  • Guide
  • Guides
  • Huobi
  • Institutional Investors
  • jack dorsey
  • Jay Z
  • justin sun
  • JustSwap
  • LINK Marines
  • Litecoin
  • Litecoin (LINK)
  • Litecoin (LTC)
  • Litecoin (LTC) News
  • Litecoin Development
  • litecoin foundation
  • Litecoin MimbleWimble
  • Maker (MKR)
  • Market
  • Michael Saylor
  • MicroStrategy
  • MimbleWimble
  • Mining
  • Monero (XMR)
  • Moneygram
  • News
  • NFT
  • NFTs
  • Non-Fungible Tokens
  • OKECoin
  • Other
  • Pantera Capital
  • Polkadot (DOT)
  • Polkadot Price Analysis
  • Poloniex
  • Prices
  • Regulation
  • ripple
  • Ripple
  • Scams and Hacks
  • sec
  • Securities and Exchange Commission
  • Signal
  • Spark Token (FLR)
  • Spark Token Airdrop
  • Spark Tokens (FLR)
  • Square
  • Stimulus Bill
  • Stimulus Check
  • SushiSwap (SUSHI)
  • Tesla
  • Tether (USDT)
  • tether bitfinex lawsuit
  • Theta Network (THETA)
  • Theta Token
  • Tron (TRX)
  • TRON (TRX) News
  • Tron Foundation
  • Twitter
  • Tyler Winklevoss
  • Uniswap
  • UniSwap (UNI)
  • Wallets and Exchanges
  • WallStreetBets
  • Weiss Ratings
  • WhatsApp
  • World
  • Wrapped Bitcoin (WBTC)
  • XRP
  • XRP Army
  • XRP News
  • XRP Price Prediction
  • Yearn Finance (YFI)
  • Youtube
  • Zcash (ZEC)
  • ZCash Halving
  • Zeus Capital
  • Zilliqa (ZIL)
  • Zilliqa (ZIL) News
  • Zilliqa Staking

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin

Newsletter

[mc4wp_form]

  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2018 JNews by Jegtheme.