Could Argentines crash Bitcoin at the end of December because of a new tax? - page 2.

iamabasicboy

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Quote from: d5000 on December 15, 2017, 06:07:57 PM

In Argentina, a new tax is about to be approved that will charge profits for holding cryptocurrencies with 15% per year. (Source) This tax applies for everybody that made profits of more than approximately 3.500 USD per year, so everybody that held more than 0,25 BTC in 2017 would be affected.

This tax will be possible to be charged retroactively, but it will come into effect on January 1, 2018. So everybody that sells before that date, will not have to pay the tax for profits that have accumulated until that day.

Even if you don't believe it: Argentines are a significant Bitcoin holder group. A history of restrictive exchange regulations (the last "restrictive" phase lasting from 2011 to 2014/2015) made many people aware of cryptocurrencies. And at least one of the historical Core contributors is an Argentine.

So it's a pretty likely scenario that Argentine holders could move the price a bit. But maybe it's nothing to worry about: They could re-buy at January 1, so they get only charged for profits after that date.

Yeah corruption in Argentina is just dumb.
It's lastest president Cristina Fernandez left the Argentina in poverty, so now Mauricio Macri (It's current president) made this new law because many people is making profits over BTC in there.
I think it just sucks , bitcoin wasn't created by the mean of being centralized.

iv4n

legendary

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15% per year just for holding is a lot, but can their government find all holders? I'm curious how will they do it, there is so many ways to skip this tax paying. From moving bitcoins trough mixer, making multiple wallets to giving someone from other country to keep your coins( family, or close friends..).
When high fees can't do nothing to bitcoin nothing can. Argentinian government is just trying to find a way how to take more money from people there, like all governments! But can they do that easily like they can do with fiat we will see. I would try to skip paying this tax in some way, f. the governments and banks.

figmentofmyass

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Quote from: d5000 on December 15, 2017, 06:07:57 PM

In Argentina, a new tax is about to be approved that will charge profits for holding cryptocurrencies with 15% per year. This tax applies for everybody that made profits of more than approximately 3.500 USD per year, so everybody that held more than 0,25 BTC in 2017 would be affected.

This tax will be possible to be charged retroactively, but it will come into effect on January 1, 2018. So everybody that sells before that date, will not have to pay the tax for profits that have accumulated until that day.

Even if you don't believe it: Argentines are a significant Bitcoin holder group. A history of restrictive exchange regulations (the last "restrictive" phase lasting from 2011 to 2014/2015) made many people aware of cryptocurrencies. And at least one of the historical Core contributors is an Argentine.

So it's a pretty likely scenario that Argentine holders could move the price a bit. But maybe it's nothing to worry about: They could re-buy at January 1, so they get only charged for profits after that date.

i'd be curious to know how much liquidity and trading volume argentines represent. i've been hearing about significant adoption there for years, so it's possible that such sell pressure could spill over into the global markets.

however, 15% per year is not unreasonable for capital gains taxes. if you have an income of up to ~$420,000 in the US, 15% is the long-term capital gains rate. short term capital gains can be much higher: up to 40%! compared to the united states, argentines don't have it that bad. so maybe there won't be much sell pressure after all.

Rozita

full member

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What happened in China with that big community didn't affect the bitcoin. How do you expect Argentina cause the bitcoin to be crashed? It will never happen.

magneto

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Quote from: d5000 on December 15, 2017, 06:07:57 PM

In Argentina, a new tax is about to be approved that will charge profits for holding cryptocurrencies with 15% per year. (Source) This tax applies for everybody that made profits of more than approximately 3.500 USD per year, so everybody that held more than 0,25 BTC in 2017 would be affected.

This tax will be possible to be charged retroactively, but it will come into effect on January 1, 2018. So everybody that sells before that date, will not have to pay the tax for profits that have accumulated until that day.

Even if you don't believe it: Argentines are a significant Bitcoin holder group. A history of restrictive exchange regulations (the last "restrictive" phase lasting from 2011 to 2014/2015) made many people aware of cryptocurrencies. And at least one of the historical Core contributors is an Argentine.

So it's a pretty likely scenario that Argentine holders could move the price a bit. But maybe it's nothing to worry about: They could re-buy at January 1, so they get only charged for profits after that date.

Is it bad? Absolutely. And they seem to be targeting explicitly cryptocurrency holders, it seems. It doesn't apply to gold or other assets, just cryptocurrencies. And 15% is a pretty high amount to pay, especially if you're just a small time trader barely making the 3.5k cutoff mark.

But it's not going to crash bitcoin, 100% no. If bitcoin crashes by the end of the year it's not because of this new rule in Argentina.

They may obviously hold some bitcoin as a nation but they are nothing compared to korea/china/japan/usa, etc. And when china banned exchanges the markets reacted with nothing. I doubt they'll be reacting any worse for this case.

d5000

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Decentralization Maximalist

In Argentina, a new tax is about to be approved that will charge profits for holding cryptocurrencies with 15% per year. (Source) This tax applies for everybody that made profits of more than approximately 3.500 USD per year, so everybody that held more than 0,25 BTC in 2017 would be affected.

This tax will be possible to be charged retroactively, but it will come into effect on January 1, 2018. So everybody that sells before that date, will not have to pay the tax for profits that have accumulated until that day.

Even if you don't believe it: Argentines are a significant Bitcoin holder group. A history of restrictive exchange regulations (the last "restrictive" phase lasting from 2011 to 2014/2015) made many people aware of cryptocurrencies. And at least one of the historical Core contributors is an Argentine.

So it's a pretty likely scenario that Argentine holders could move the price a bit. But maybe it's nothing to worry about: They could re-buy at January 1, so they get only charged for profits after that date.

Topic: Could Argentines crash Bitcoin at the end of December because of a new tax? - page 2. (Read 232 times)