A civil association that brings together users and defenders of the Bitcoin ecosystem revealed “the current regulatory situation of impossible compliance that affects resident exporters of services who receive their remuneration in bitcoin and other crypto assets.”
The NGO Bitcoin Argentina proposed to Central Bank (BCRA) admit in the banks deposit and settlement of cryptocurrencies that are charged as compensation for exports of services by freelancers.
In a presentation addressed to the president of the BCRA, Santiago Bausili, the civil association that brings together users and defenders of the Bitcoin ecosystem in the country revealed “the current regulatory situation of impossible compliance that affects resident exporters of services who receive their remuneration in Bitcoin and other crypto assets” and proposed a “temporary” solution as long as the exchange control policy remains in force at a general level.
As explained by the NGO, the problem faced by freelancers who export quality services and compete on a global scale is that in many cases the payment is in Bitcoins or stablecoins, and current regulations require them to deposit dollars in banks. Since they have not been paid in dollars and banks are prohibited from receiving crypto assets, then the system expels them into informality.
Although it has recently been increased to $36,000 the franchise to export services without obligation to settle foreign currency, Those who charge in Bitcoins are in fact excluded because taking advantage of this benefit requires depositing dollars in a bank, and not crypto assets.
Freelancers: what does the proposal presented to the BCRA consist of?
The proposal presented consists of regulating from the Central Bank that it is possible to settle crypto assets received for service exports in banks or PSAVs. And that, up to the equivalent of the amount of the franchise, the cryptoassets remain freely available to be left in deposit, negotiated or to be withdrawn again for self-custody.
“Crypto assets received in excess of the franchise,” the proposal adds, highlighting the monetary benefits it provides, “are converted by the financial entity into pesos in the local market, generating demand for the national currency, thereby contributing to strengthening its value without reducing liquidity.”
The solution is rated as “of the situation”, since the NGO Bitcoin Argentina “does not consider that forcing the exchange of Bitcoins for fiat currency or delegating the custody of legitimately earned cryptoassets is valid or that this is convenient for economic development,” but it stands out as a way to “at least partially expand the freedom and rights of residents and financial entities to operate with Bitcoin and other crypto assets.”
Source: Ambito
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