The so-called Bitcoin law in El Salvador is contained in a decree issued by the National Assembly, which, among other things, determines the parity between this cryptocurrency and the dollar, whose exchange rate is set by the market, in addition to the fact that any price expressed in the country can be in bitcoins and even the payment of taxes can be made in this digital currency. El Salvador was the first country to accept this type of currency as a legal use, which was not well regarded by the International Monetary Fund. Since September 7, the Bitcoin law has come into force, promoted by Nayib Bukele, the chief executive. This law gives Bitcoin the status of the current currency, which affects the recognition of other nations when it enters the foreign exchange market and can be used as an exchange reference. Some ways to buy and sell cryptocurrencies in addition to an exchange are via social networks. In Facebook, Bitcoin Argentina ofrece anuncios para comprar o vender bitcoin P2P. El grupo de Telegram Córdoba Bitcoin también incorporó un bot que permite gestionar anuncios de compraventa de Bitcoin y recibir calificaciones. Virtual currencies are not prohibited in Argentina and are therefore legal. Nevertheless, the government has issued regulations regarding cryptocurrencies related to currencies, transactions of financial institutions, taxation, and the prevention of money laundering and terrorist financing. The Argentine Civil and Commercial Code (the Civil Code) stipulates that natural and legal persons are entitled to all corresponding rights to the property that is part of their property. In this context, the Civil Code classifies assets into two categories: tangible and intangible. [4] Mara Laudonia, El Vacío Legal del Bitcoin, Es o No Es Dinero? [Bitcoin`s legal vacuum: is it or isn`t it money?], Telam (February 28, 2018), www.telam.com.ar/notas/201702/180185-el-vacio-legal-del-bitcoin-es-o-no-es-dinero.html, archived at perma.cc/P2WE-L8F9. Zócaro adds that “the same thing happened with Resolution 300 of the same year of the Financial Information Unit (FIU),” in which its role as “virtual currencies” stands out, but which are not legal tender.

The use of cryptocurrencies as the equivalent of paper money has been one of the biggest discussions not only within governments or ministries of economy and central banks, but also in the legal field: can a cryptocurrency like Bitcoin or Ethereum function as an ordinary banknote? 3 The cryptoassets release defines a crypto asset as “a digital representation of the value or rights transmitted and stored electronically using distributed ledger technology or other similar technology”. Since cryptoassets` press release is not legally binding, this definition should only be used for reference. In addition, the gaps that exist to account for these assets with Argentine accounting standards, or the characterization of crypto that arises in the application of international standards, present us with a scenario similar to that thrown into a pool without first being able to measure its true depth. “(IMF directors) have called on the authorities to limit the scope of the Bitcoin law by abolishing its status as legal tender. Some Directors also expressed concern about the risks associated with issuing Bitcoin-backed bonds,” the IMF said in a January 25 press release. According to Gabriela Salazar, founding partner of RNMS Abogados and member of the Latin American Alliance for Legal Innovation (ALIL), Argentina is at an intermediate point in terms of regulatory approach compared to the positions of Latin American countries, because although it does not consider cryptocurrencies to be legal tender, it is making legal efforts to create a tax base. In addition, these services also include electronic certification, digital identification and other services described in detail by the licensing body set up by DSL. Natural persons, legal persons, consortia, public institutions and non-governmental public bodies may be trusted third parties in accordance with the Decree.

The continuous development of new technologies raises several economic, legal and financial problems. In this sense, the susceptibility of the international community to virtual currencies has raised significant concerns, and analyses and studies on the subject suggest that it will require legislative changes. But just as there are those who bet on them in the context of a decentralized market, there are also those who look at them from the side, either because their investor profile does not match the risk tolerance required by those who are listed in a variable way, or because they associate it with illegality because they are the preferred method of payment for cybercriminals. Once you are a holder of bitcoins or other cryptocurrencies, the options are the same as for any financial instrument. That is, you can save by waiting for its value to increase or by selling it at the moment you find it convenient. The Financial Reporting Unit (FIU) has cryptocurrencies as a “digital representation of assets that can be traded digitally and acts as a medium of exchange; and/or a unit of account; and/or a store of value, but is not legal tender and is not issued or guaranteed by any government or jurisdiction. In Argentina, although the regulations are not yet clear, the marketing and use of cryptocurrencies is legal. Within these forms of trade is the practice of mining. You can also get Bitcoin through a legal tender company (peso, euros, dollars, among others) or by exchanging goods and services with other users, i.e. the traditional buy/sell. “No crypto asset meets the characteristics, first, because the `means of payment` is a concept that must be interpreted legally, not colloquially, but from a technical point of view, Banxico stated that means of payment are those that can be used as currency, and cryptocurrencies are not, de facto, means of payment,” said the expert.

In dialogue with iProUP, Guillermo Navarro, from Estudio Bildenlex; Marcos Zocaro, taxpayer and author of the book “Manual of Cryptocurrencies”; Sebastián Domínguez, partner of the SDC Asesores Tributarios; and Santiago Mora, partner of GPG Advisory Partners, respond unanimously: Cryptocurrencies are legal. In this context, Navarro points out that there is no rule that requires its use or hoarding, and lists various examples that describe its legality. Argentina`s Income Tax Law (ITL) sets a federal tax on the global income of residents, legal persons registered in Argentina and non-resident natural persons. Any non-resident without a permanent establishment in Argentina is taxed only on income from Argentine sources.