In Argentina, they have just published a new book by tax advisor Marcos Zocaro that deals with the world of cryptocurrencies. The book is called “Manual de Criptomonedas,” and Cointelegraph in Spanish spoke to its author for more details.
Marcos Zocaro said of the genesis of the book: “In July, the Argentinian Buyatti publishing house published my book ‘A Tax Exchange’, and at the same time I had published many articles on cryptocurrencies. From a conversation with the editor The idea was born to write this book about cryptos (Cryptocurrency Manual) that not only covers the tax problem for accountants, but also serves anyone who wants to get into the world of cryptocurrencies and needs a guide to get started and understand the basic concepts”.
Especially The book begins by describing basic concepts of cryptocurrencies, from their creation to their acquisition. There is even a “step by step” type of how to use a wallet, and therefore anyone who has just entered the crypto world can be useful. Possible scams and how not to fall for them are also described. The tax, accounting and regulatory framework for cryptocurrencies is then described.
Who Created Bitcoin? How do cryptocurrencies work? Can either of us have one? How are they preserved and how are they stored? What taxes are paid for selling cryptos? And for mining? These are some of the questions answered in the “Handbook of Cryptocurrencies”.
Cointelegraph en Español asked Zocaro if you thought economic and financial literacy is important to the general population. He stated: “People’s financial literacy is essentialIt is an essential tool for everyone to make the best decisions about their respective finances (how to save, what investments to make, when it is convenient to fund with a credit card, how to start a business, etc.); In addition to good decisions in the election of representatives: With knowledge of economics and finance, no matter how few, people can, for example, evaluate the proposals of political candidates and then analyze the economic measures they have chosen and do not have to be guided by comments from third parties ” .
In Argentina, some projects to regulate cryptocurrencies are funded. One of them (that of the ruling party) has already been presented in Congress, while the other project (of the opposition) has not yet been received.
On the subject, Zocaro said: “Both projects, which are very similar to each other, show the lack of advice that was sought in preparation. Clearly, experts in the field were not consulted. “
Then he added: “One of the projects in its foundations even makes it clear that it is based on the opinions of the students, namely at the conference“ Role Change ”that took place on July 6th and 7th, 2019 in the Chamber of Deputies de la Nación where more than 200 students from nine national universities across the country held a mock session, debated in commissions and unanimously approved the bill regulating the use of cryptocurrencies, which partially inspired this bill. “”
On the other hand, Zocaro made it clear that the projects in their articles contain various definitions (such as crypto assets, mining farm, etc.) which, in his opinion, are purely descriptive, not very relevant and legally strict.
“It is even intended that companies and individuals must be authorized to conduct operations on crypto assets, otherwise they can be sanctioned: something almost impractical,” he added.
“And when defining ‘payment service providers’, one of the projects seems to include everyone involved in buying and selling cryptocurrencies and even wallets. And then it is envisaged that ´Cryptoactive Service Providers´ are required to provide information to the Financial Information Unit. In other words, will a trader be a mandatory topic? It is not applicable, “he noted
If good regulation of the ecosystem is to be approved for this advisor, lawmakers must work hard, study the subject well and generally rely on appropriate advice from experts in the field.
“The only benefit from these projects could definitely be to put the issue on the legislative agenda,” he said.
On the other hand, Regarding cryptocurrencies and the desire of many to achieve them with taxes, he believed that consideration should be given to the potential negative impact that high tax pressures could have on an activity with elusive characteristics.
“When studying new regulations and taxes, turn to specialists or even universities, many of which have study centers that can work together. And avoid such bad laws as I think they are represented by, for example, Law 27.430 relating to “digital currencies”, “Zocaro said.
Potential of cryptocurrencies
In Argentina, the use of cryptocurrencies has increased significantly in recent months, not only due to the global trend towards the acquisition of these assets, but also due to specific characteristics of the country. In this sense, Zocaro recalled that the exchange restrictions in place in Argentina have led many people to internalize themselves in this world and acquire cryptocurrencies for both investments and for the acquisition of dollars or money transfers abroad.
“I think the potential is huge and this technology is being used more and more every day. The progress is so great that even central banks want to launch their own digital currency (CBDC), although its properties are not exactly identical to a crypto like Bitcoin, ”he said.
About Marcos Zocaro
He is a Chartered Accountant, Tax Specialist and Masters in Provincial and Municipal Public Finance (UNLP). He works as a consultant, college and university professor, speaker at tax courses and conferences, and writes articles for professional newspapers and magazines.
He is the author of “A Tax Exchange” and “Cryptocurrency Manual”. He is also a researcher at the Center for Tax Administration Studies (CEAT-FCE-UBA) and a member of the Argentine Association for Tax Studies (AAEF).
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