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- Rosario, Argentina has recorded its inaugural rental agreement utilizing Bitcoin, with monthly payments set at $100 in Bitcoin.
- President Milei’s reforms pave the way for cryptocurrency utilization in Argentina, along with a tax framework for overdue assets.
- Argentina is adopting Bitcoin in rental agreements, reflecting a wider trend towards cryptocurrency acceptance and regulation.
The city of Rosario, which ranks as Argentina’s third largest city by population, has experienced the establishment of a significant rental agreement involving Bitcoin.
This landmark contract represents the first instance of its kind in Argentina, facilitated by recent legislative adjustments introduced by the new presidential administration.
A New Era Of Rental Agreements In Rosario
A report released on January 11th by the local publication Pagina 12 indicates that a local landlord and tenant have reached an agreement for the tenant to make monthly rental payments in Bitcoin.
The terms of the rental agreement specify that the tenant will remit $100 in Bitcoin each month. The tenant will utilize Fiwind, a local cryptocurrency platform, to execute these transactions.
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Both parties engaged in this historic contract are seasoned cryptocurrency users, underscoring a rising acceptance and incorporation of digital currencies into routine financial dealings.
This innovative rental agreement was made feasible due to recent modifications to Argentine rental regulations and other aspects of the national legal framework.
These alterations were enacted by the newly-elected President Javier Milei, who triumphed in the general election held in November 2023.
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His election occurred amidst severe inflation challenges facing the nation.
The administration of President Milei has been proactive in implementing economic reforms and deregulation initiatives aimed at rejuvenating the economy.
In December 2023, Diana Mondino, the Minister of Foreign Affairs, International Trade, and Worship, made a significant announcement.
She disclosed that a decree focused on economic reform and deregulation would allow the use of Bitcoin and other cryptocurrencies in the country, contingent upon specific conditions.
Easing The Path To Legalizing Crypto Holdings
Alongside permitting rental agreements in Bitcoin, the Argentine government has also initiated measures to ease the legalization of cryptocurrency holdings, even for those who have not been current with their tax filings.
Under the framework of a regularization scheme, taxpayers can declare their cryptocurrency assets with a progressive flat tax rate.
Specifically, individuals who declare their holdings by the end of March 2024 will be subject to a tax rate of 5%.
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This rate will rise to 10% for declarations submitted from April onward and 15% for those made from July through the end of September.
These initiatives reflect a deliberate effort by the Argentine government to establish a regulatory environment that supports cryptocurrency usage while also addressing fiscal responsibilities.
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