Home CryptoCurrency What could change in Argentina with the Bitcoin Law of El Salvador?

What could change in Argentina with the Bitcoin Law of El Salvador?

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What could change in Argentina with the Bitcoin Law of El Salvador?

“What El Salvador says cannot affect our legal system,” explained lawyer Camilo Jorajuría de León.

His words were spoken in the framework of the talk “Consequences in Argentina of the Bitcoin Law in El Salvador”, held this June 17 and in which Jorajuría de León served as moderator. The other two participants were the lawyer Daniel Rybnik and the accountant Susana Raya.

The context of this conversation is the approval of the law that recognizes bitcoin (BTC) as currency. legal in El Salvador, a fact timely reported by CriptoNoticias. One of the questions that arise after what happened is whether, in other nations (Argentina, for this case), the cryptocurrency could be recognized as foreign currency.

During the dialogue panel, organized by the NGO Bitcoin Argentina, Rybnik supported the statement of his colleague and mentioned that “there is a definition in the Organic Charter of the Central Bank of the Argentine Republic (BCRA) that defines what currency is. ”

Rybnik, in this way, referred to article 30 of the aforementioned document, which reads:

«(…) It will be understood that they are capable of being circulated as currency , whatever the conditions and characteristics of the instruments, when: i) The issuer imposes or induces, directly or indirectly, their forced acceptance for the cancellation of any type of obligation; or ii) They are issued for nominal values ​​less than or equal to 10 times the value of the highest denomination national currency banknote that is in circulation. ”

Organic Charter of the Central Bank of the Argentine Republic.

On the subject, Rybnik emphasized the idea of ​​«issuer», present in the BCRA definition. «Already when he says” the issuer “we know that, probably, bitcoin remains outside, because there is no specific issuer, rather it is a diffuse, decentralized issuer, “he explained. In addition, according to the lawyer, BTC “does not meet the second condition either, which is that it be issued with a value equivalent to the highest denomination of Argentina, which is 1,000 pesos, and we know that BTC is not issued in equivalents of anything. that has to do with pesos. ”

As a complement to this professional’s explanation, Jorajuría de León intervened to say that, if Argentina’s regulation were to be altered by what happened in El Salvador, would have “a totally open legal type” in the South American nation. “For me, that would be contrary to the republican constitutional order,” he said.

Bitcoin recognized as a foreign currency in Argentina, advantage or disadvantage?

The three professionals participating in the panel discussion agreed that it is better for bitcoiners in Argentina than the devised cryptocurrency by Satoshi Nakamoto keep your status quo and does not become recognized as a foreign currency. Rybnik described as “a danger” that this should happen.

« the sale should be done through an entity authorized by the BCRA, because operating with currencies requires operating with an entity subject to the control of this body. Exchanges should be registered as exchange houses and individuals could not carry out blank P2P operations, since all operations would be foreign exchange operations. ”

Daniel Rybnik , lawyer and founder of EnterPricing.

The three exponents agree that the best thing is that bitcoin maintains its status quo in Argentina and is not considered a foreign currency. Source: Google Meet

If Rybnik’s thesis is Right, that bitcoin is considered a foreign currency in Argentina, would only cause damage to an industry that already has enough difficulties to develop.

In Argentina «it is chasing the cryptocurrency issue »

Accountant Susana Raya, founder of Estudio Stingray & CO, spoke about the latter, who said that “Argentina is a special country.” “We have politicians who have special thoughts, you have seen the regulations of the FIU and the BCRA, which are trying to identify all the people who work in cryptocurrencies so that they can lower it to the affidavit of income tax and personal property” , she detailed.

For this reason, she is convinced that, although a Bitcoin Law like the one in El Salvador would be possible in Argentina, there is no political will for that to happen, at least in the near future. “The State is eager to collect taxes and is pursuing everything that is the issue of cryptocurrencies and digital businesses, due to the fact that there are resources that are not paying taxes, but have moved to the network,” he added.

«It is very possible that there will be a good transfer of resources to El Salvador, especially from the countries where the cryptocurrency issue, how we are living in Argentina, between the FIU, the BCRA and the banks that close accounts for us. For those of us in this world, [El Salvador] is an interesting option to work and have residence. Not only because of the lower tax cost but because of the possibility of working within the law. In Argentina, on the other hand, there are so many legal loopholes that those of us who manage cryptocurrency companies are looking for the tangent to be able to work. ”

Susana Raya, accountant and founder of Estudio Stingray & CO.

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