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I. Introduction

Under the National Constitution of Argentina[1] the only authority capable of issuing legal currency is the Central Bank.[2] Bitcoins are not legal currency, since they are not issued by the government monetary authority and thus are not legal tender.[3] Therefore, they may be considered money but not legal currency, since they are not a mandatory means of cancelling debts or obligations.[4] According to some experts,[5] a Bitcoin may be considered a good or a thing under the Civil Code,[6] and transactions with Bitcoins may be governed by the rules of the sale of goods under the Civil Code.[7] Although Bitcoins are not specifically regulated, they are increasingly being used in Argentina, a country that has strict control over foreign currencies.[8]

A bill on the regulatory framework for all transactions and civil and commercial operations that involve cryptoassets was submitted in Congress on November 11, 2020.[9]

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II. Tax Treatment of Cryptocurrency Miners

Companies carrying out cryptocurrency mining are subject to the corporate rate of the Income Tax Law (LIG), which is 30% for fiscal years beginning between January 1, 2018, and December 31, 2020, and 25% for fiscal years beginning in 2021.[10]

The gain obtained from the subsequent sale of the cryptocurrencies obtained through mining will be considered of Argentine source if the issuer is domiciled, established, or based in the country.[11]

In order to determine the net profit from mining, the cryptocurrencies obtained as compensation for services provided to the network will be valued at the market price on the date the transaction entered the network, expressed in national currency.[12] The miner may deduct all the expenses necessary to obtain, maintain and preserve the taxed profits, such as electricity, amortization of equipment, and staff salaries.[13]

If a company owns computer equipment and only rents the mining power to third parties by depositing the mined cryptocurrencies directly into its clients’ wallet in exchange for a fee, such fee would be subject to income tax.[14]

With respect to individuals engaged in cryptocurrency mining with their own computer equipment, software, and other assets who obtain earnings in the form of cryptocurrencies that are the product of the service provided to the network, if the activity is carried out within Argentina, such profits will be considered Argentine–source income,[15] and they will be taxed as income at 35 percent.[16]

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Prepared by Graciela Rodriguez-Ferrand
Senior Foreign Legal Specialist
January 2021


[1] Constitución de la Nación Argentina, art. 75, para. 6, Boletín Oficial [BO], Aug. 22, 1994, https://perma.cc/XN2T-C5G7.

[2] Ley No. 24.144, Carta Orgánica del Banco Central de la República Argentina, art. 30, BO, Oct. 13, 1992, https://perma.cc/2CVW-8VNX.

[3] El Banco Central Argentino Considera Riesgoso Operar con Bitcoins, Infotecnología (May 28, 2014), https://perma.cc/746A-JBYG.

[4] El Vacío Legal del Bitcoin, Es o No Es Dinero?, Telam (Feb. 28, 2018), https://perma.cc/P2WE-L8F9.

[5] Andres Chomczyk, Situación Legal del Bitcoin en Argentina, ElBitcoin.org (Oct. 10, 2013), https://perma.cc/8GDA-CFPK.

[6] Código Civil y Comercial de la Nación Argentina, art. 16.

[7] Id. art. 1123.

[8] Bitcoin: Fiebre Argentina por la Máquina de Dinero Digital, La Nación (June 30, 2013), https://perma.cc/PMU9-KWB5; Argentina es uno de los países que más usa el bitcoin, Clarín (Dec. 31, 2013), https://perma.cc/N8SA-5H9L.

[9] Proyecto de Ley 6055-D-2020 del Marco Regulatorio para Todas las Transacciones y Operaciones Civiles y Comerciales que Comprendan Criptoactivos, Cámara de Diputados de la Nación Argentina, https://perma.cc/K8QM-3BB8

[10] Ley de Impuesto a las Ganancias (LIG), art. 73, BO Aug. 6, 1997, https://perma.cc/T8CP-XQTT.

[11] Id. art. 7.

[12] Ley 11683 de Procedimiento Fiscal, art. 110, BO Jul. 13, 1998, https://perma.cc/QHK5-HAHC.

[13] LIG art. 83.

[14] Marcos Zocaro, La Minería de Criptomendas y su Tributación en Argentina 5 (Centro de Estudios de Administración Tributaria, Universidad de Buenos Aires, Sept. 14, 2020), https://perma.cc/KY5X-RSE5.

[15] LIG, arts. 2.2, 5.

[16] Id. arts. 54, 94.

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Last Updated: 02/05/2021