In a surprising move, the Argentine government has announced that it will remove all taxes on cryptocurrency transactions, effective immediately. This decision comes amid a severe economic crisis that has seen the country’s currency, the peso, lose more than 80% of its value in the last five years.
Argentine government under President Javier Milei has announced that it will adopt Bitcoin as its official currency, along with the peso. This makes Argentina the first country in the world to embrace cryptocurrency as a legal tender, following the example of El Salvador, which made Bitcoin a national currency in 2021.
The decision comes after years of economic turmoil and hyperinflation that have eroded the value of the peso and the confidence of the people in the government. According to Milei, a libertarian economist and a vocal advocate of Bitcoin, the adoption of cryptocurrency will empower the citizens, reduce corruption, and attract foreign investment.
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Milei said in a televised speech that “Bitcoin is the money of the future, and Argentina is ready to be part of that future. We are a crypto native nation, with a young and tech-savvy population that understands the benefits of decentralization and freedom. We are not afraid of innovation, we embrace it.”
The government has also announced a series of measures to facilitate the transition to Bitcoin, such as creating a state-backed exchange platform, providing tax incentives for crypto-related businesses, and launching educational campaigns to raise awareness and literacy among the public. The government will also allow citizens to pay taxes and fees in Bitcoin and will accept Bitcoin as a reserve asset.
The government said that the measure aims to encourage innovation, entrepreneurship and financial inclusion in the country, as well as to attract foreign investment and boost the local crypto industry. According to the official decree, published in the Official Gazette, any income or capital gains derived from the purchase, sale, exchange or transfer of cryptocurrencies will be exempt from income tax, value-added tax (VAT) and wealth tax.
The decree also states that crypto assets will be considered as movable property for tax purposes, and that any expenses related to their acquisition or maintenance will be deductible. Additionally, the decree establishes a simplified registration process for crypto-related businesses and a legal framework for smart contracts and decentralized applications (DApps).
The announcement was welcomed by the Argentine crypto community, which has seen a significant growth in recent years due to the high inflation and currency controls in the country. According to data from Chainalysis, Argentina ranked 11th in the world in terms of crypto adoption in 2020, with more than $3 billion worth of transactions.
Some experts believe that the tax exemption could further increase the demand for cryptocurrencies in Argentina, as well as attract more talent and capital to the sector. However, others warn that the measure could also pose some risks, such as money laundering, tax evasion and regulatory uncertainty.
The Argentine government said that it will monitor the impact of the tax exemption on the economy and the fiscal balance, and that it may revise or modify the decree if necessary. It also said that it will continue to work with other countries and international organizations to establish common standards and best practices for the regulation of cryptocurrencies.
Farmers protest at Frankfurt airport in Germany
Hundreds of farmers gathered at the Frankfurt airport to protest against the government’s agricultural policies. The protesters blocked the access roads to the airport, causing traffic jams and delays for travelers. They also displayed banners and signs with slogans such as “Stop the farm killing” and “We feed you, we deserve respect”.
The main cause of the protests is the planned expansion of the airport, which would require the acquisition of more than 500 hectares of agricultural land. The farmers who own or lease this land are opposed to the expansion, claiming that it would destroy their livelihoods and harm the environment. They argue that the airport already occupies too much land and emits too much noise and pollution.
The farmers have been demanding that the airport authorities and the government cancel the expansion project and compensate them for their losses. They have also been calling for more support for sustainable agriculture and rural development. They have staged several demonstrations at the airport, blocking roads, occupying terminals, and even flying drones over the runways.
The airport authorities and the government have defended the expansion project, saying that it is necessary to meet the growing demand for air travel and to boost the economy. They have also claimed that they have followed all the legal procedures and offered fair compensation to the affected farmers. They have condemned the protests as illegal and dangerous and have deployed police and security forces to restore order.
The protests have sparked a heated debate in Germany and beyond, with some people supporting the farmers’ cause and others criticizing their actions. Some experts have suggested that the airport expansion is a symptom of a larger problem: the lack of a coherent and long-term strategy for land use and transportation in Germany. They have urged for more dialogue and cooperation among different stakeholders to find a balanced and sustainable solution.
The farmers are unhappy with the low prices they receive for their products, the high costs of production, and the strict environmental and animal welfare regulations imposed by the European Union. They claim that these factors are driving them out of business and threatening their livelihoods. They demand more financial support from the government, as well as more flexibility and autonomy in their farming practices.
The protest was organized by the German Farmers’ Association (DBV), which represents about 300,000 farmers across the country. The DBV said that the protest was a “last resort” to draw attention to the plight of the farmers and to urge the government to take action. The DBV also warned that more protests could follow if their demands are not met.
The government has expressed sympathy for the farmers, but also urged them to end their blockade of the airport. The Minister of Agriculture, Julia Klöckner, said that she was willing to engage in dialogue with the farmers, but also defended the EU regulations as necessary for ensuring food safety and environmental protection. She said that the government had already provided some financial aid to the farmers, and that more measures were being discussed.
The protest at the Frankfurt airport is part of a wider movement of farmers’ protests across Europe. In recent months, farmers have staged similar demonstrations in France, Belgium, the Netherlands, and Ireland. The protests reflect the growing dissatisfaction and frustration of the agricultural sector, which faces multiple challenges from climate change, global competition, and changing consumer preferences.