Argentine President Javier Milei has revised the country's comprehensive reform bill, removing provisions for cryptocurrency taxes from the proposal. This move is aimed at expediting the approval of a wide range of changes, sidestepping prolonged debates on less critical issues.

The original version of the "Ley Ómnibus" bill, also known as the "Law of Bases and Starting Points for the Freedom of Argentines," included sections requiring taxpayers to disclose ownership of undisclosed assets, including digital currencies. However, Interior Minister Guillermo Francos disclosed that these aspects have been omitted to prioritize the urgent need for rapid economic growth and legislative efficiency.

The government's decision to exclude crypto taxes from the bill has created uncertainty for cryptocurrency owners in Argentina. While the acquisition and use of cryptocurrencies will not be taxed, significant profits from their sale will be subject to taxation. Accountant Marcos Zocaro clarified that Income Tax would apply to profits from sales, with an exemption threshold below which no tax is applicable.

This shift in regulatory approach presents a mixed scenario for crypto investors, alleviating concerns about escalating tax obligations linked to the Ley Ómnibus while underscoring the fluid and sometimes precarious nature of cryptocurrency regulations and taxes.

The removal of crypto taxes from the bill aligns with Milei's broader strategy: to pull back somewhat following significant public backlash, national strikes, and intense criticism of initial reform proposals. President Milei aims to use the Ley Ómnibus to introduce substantial economic, social, and administrative changes intended to stimulate economic growth and freedom.

However, critics express apprehension about the proposed radical reforms and their potential impact on democratic institutions.