Regulations of Cryptocurrency in Argentina

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Regulations of Cryptocurrency in Argentina



Land & Geography


Argentina is a country located mostly in the southern half of South America. It shares much of Southern Corn with Chile to the west, bordering Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and South Atlantic Ocean to the east, and the Drake Pass to the south.


With a land area of 2,780,400 square kilometers, Argentina is the eighth largest country in the world, the fourth largest in the America, the second largest in South America after Brazil, and the largest Spanish-speaking country.


This country is made up of 23 states and one autonomous capital. The provinces and capitals have their own constitutions, but are governed by a federal system.

History


The first recorded human presence in modern-day Argentina dates back to the Paleolithic period.  The Inca empire extended to the northwest of the country in pre-Colombian times. It has its root in Spanish colonization of the region in the 16th century.


Argentina was established in 1776 as the successor state of the viceroyalty Rio de La Plata, a Spanish overseas viceroyalty. The declaration and war for independence (1810-1818) was followed by a long civil war that lasted until 1861 and eventually led to the reorganization of the country as a federation of provinces with the capital of Buenos Aires.   


Argentina then enjoyed relative peace and stability, with several waves of emigration from Europe, mainly Italians and Spaniards, fundamentally changing its cultural and demographic landscape. 62.5% of the Argentine population is of full or partial Italian descent, and Argentine culture is significantly related to the Italian culture.

Modern History


The almost unprecedented rise in prosperity led to Argentina becoming the seventh richest country in the world in the early 20th century. According to the Madison historical statistics project, this country had the highest real GDP per capita in the world in 1895 and 1896, and was consistently in the top ten before at least 1920.


Argentina is currently ranked 61 in the world. Following the Great Depression of the 1930s, the country experienced political instability and economic decline that led to its undevelopment, yet it remained among the fifteen richest countries for decades.


Following the death of Juan Peron in 1974, Isabel Martinez de Peron became president. He was overthrown in 1976 by a military dictatorship. The military government persecuted and assassinated left-wing critics during the period of state terrorism and civil unrest that lasted more than a decade until Raul Alfonsin was elected as the president of Argentina in 1983. 


Argentina is a developing country and ranks 46th in the Human Development Index, second highest in Latin America after Chile. It is a regional power in Latin America and maintains its historic status as a middle power in international affairs.


This country has the second largest economy in South America, the third largest economy in Latin America, and is a member of G-15 and G-20. It is also a founding member of the United Nations, the World Bank, the World Trade Organization, Mercosur, Community of Latin American and Caribbean States, and the organization of Ibero-American States.

Economy


Argentina’s economy is the third largest in Latin America, and the second largest in South America, benefiting from rich natural resources, highly literate population, diversified industrial base, and export-oriented agricultural sector.


Argentina ranks 17th in the Human Development Index and has a relatively high GDP per capita with a significant domestic market size and a growing share of the advanced technology sector.


Access to bio capacity in Argentina is much higher that the global average. In 2016, this country had 6.8 global hectares of bio capacity per person within its territory, which is much higher than the global average of 1.6 global hectares per person.


In 2016, it used 3.4 hectares of global biological capacity per person. This means that they use half of the bio capacity available in this country. As a result, it has a favorable biological reserve.


An emerging medium-sized economy and one of the top developing countries in the world, Argentina is a member of G-20. Historically, its economic performance is highly uneven with high economic growth intermittent with severe recessions, income maldistribution, and increasing poverty.


Argentina developed in the early 20th century, becoming the seventh richest country in the world. Although it experienced a long and continuous decline, it was able to maintain its position among the top 15 economies until the middle of the century. Nevertheless, this country is still a high-income country.


Argentina, which is currently facing high international debt and significant inflation, still has good opportunity for economic growth and development.

Residency in Argentina


There are different ways to obtain a residence permit for foreigners. To obtain permanent residence in Argentina, you first need to obtain one of the different types of visas in this country.

Tourist Visa for Permanent Residence in Argentina


Citizens of the United States of America, as well as about 80 different countries, only need a valid passport to enter Argentina. They can stay in the country for up to 90 days without a visa.


If this time expires, you must leave the country or extend your temporary residence another 90 days before the visa expires. Of course, this type of visa extension is for the purpose of upgrading a tourist visa and is not an option for obtaining permanent residence in Argentina.


If you are a citizen of a country that is not on the list of 80 countries, you must obtain a tourist visa, which usually covers a period of 30 to 90 days, that requires an interview at the embassy.


If you want to stay in Argentina for more than 30 days, you must apply for a temporary residence visa. The best type of temporary residence is obtaining a work visa in this country, which is provided if you meet certain conditions.

Argentine Student Visa


Student visa is only available for those who are admitted in universities approved by the government of Argentina. This visa is issued according to the type of your college course, and in order to extend it, the necessary conditions must be met.


As long as foreign students study in this country, they can also work part-time. This type of visa which was initially a temporary residence, could eventually become a permanent residence.


Of course, to obtain permanent residence, you must provide the conditions for converting your residence permit for studies into a residence permit for work after graduation. The best thing is that after graduation, you can be employed in accordance with your field of study.

Work Visa for Permanent Residence in Argentina


As mentioned at the beginning, there are several ways to apply for a work visa. There is a type of visa for short-term businesses that allow you to stay up to 30 days.


This visa is for those who want to do business in Argentina, and attend conferences, congresses, etc. There is also a visa called a third party visa for people who want to live in this country.


The applicant can work for a company in Argentina and eventually obtain residency in this country. This requires the employer to register with the Ministry of Immigration and be allowed to hire foreign workers.


You must contact an employer in advance to receive this visa and receive a job offer. The validity of this visa is usually one to three years and the process of visa renewal in Argentina is very simple.  Your family members can also apply for a visa once your job position is available. After a while, the applicant can also apply for permanent residence.

Types of Work Visas in Argentina


Argentina has two types of work visas, which are:


A23 visa: For people who have a job from an employer.


E23 visa: This type of visa is for those who only apply for a short-stay (6 to 12 months). For example, people like scientists who have been invited to Argentina by a professor to study.


For each of these types of visas, you must first obtain an entry permit, which is processed by your employer. In order to receive this type of residence, you must be aware of the conditions and required documents for it. Foreign recruitment forms, employment contract, and signed contract are the main documents in the process of obtaining a work visa in Argentina.

Financial Visa to Obtain Residence in Argentina


Financial visa is for those who want to live in this country and receive permanent residence in Argentina. The applicants must be able to prove a minimum income of at least $2000 (USD) per month. The applicant can prove this income through annual income, dividends, investment plans, a business organization, etc.


The applicant can provide the proof of this income and its legitimate source in consultation with a legal lawyer. Make sure that you transfer it to an Argentine bank account and you can apply for this visa. Consult immigration consultants and attorneys for information on other requirements and documents required for obtaining this type of visa.

Argentine Investment Visa


If you can afford to invest in this country, you can apply for an investment visa. You must invest a minimum of 1.500.000 Argentine pesos (US $41.000) in a business, manufacturing or service activity.


You also can make a detailed investment plan of how and where you invest this amount of money that is justifiable. The main requirements for obtaining this residence permit are proof of ownership, declaration of good conduct, and approval of a commercial or professional authority.


There is another way for people who cannot afford this amount of investment and have age limit conditions. They can apply for a retirement visa. This visa, like a financial visa, requires a minimum monthly income of $2000 USD.


You must have a certificate issued by a government or an international organization. This document must prove that you are receiving a retirement pension on a permanent basis.

Cryptocurrency Regulations in Argentina


Under the National Constitution of Argentina, the only authority capable of issuing legal currency is the Central Bank. Bitcoins are not legal currency strictly speaking, since they are not issued by the government monetary authority and are not legal tender.


Therefore, they may be considered money but not legal currency, since they are not a mandatory means of cancelling debts or obligations.


Although Bitcoins are not specifically regulated, they are increasingly being used in Argentina, a country that has strict controls over foreign currencies.


According to some experts a Bitcoin may be considered a good or a thing under the Civil Code, and transactions with Bitcoins may be governed by the rules of the sale of goods under the Civil Code.


The latest amendment to the Income Tax Law provides that the profit derived from the sale of digital currency will be considered income and taxed as such.





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