Argentina's President Javier Milei has put forward an influential draft bill that could significantly reshape the cryptocurrency landscape in the country. This bill, a crucial element of a broader package of economic and political reforms, seeks to encourage Argentines to reveal their cryptocurrency holdings, both domestically and internationally.

Incentives for declaring these assets include a favorable tax rate and the legalization of cryptocurrencies, irrespective of their origins or storage locations, as reported by Coindesk. Milei, who has earned recognition in the crypto community for his favorable stance on Bitcoin, has seen this comprehensive bill stir up considerable debate and protests since its announcement on Tuesday. Notably, the bill outlines a unique asset regularization program, which encompasses a variety of assets, including cryptocurrencies.

Those who declare their cryptocurrency holdings by March 31st are offered a reduced tax rate of 5%. However, this rate is set to increase significantly to 15% after November 30th. The bill explicitly states that these benefits are applicable to "cryptocurrencies, crypto assets, and other similar goods, regardless of their issuer, owner, or storage location."

Milei's initiative is part of Argentina's ongoing efforts to tackle its deep-seated economic issues, including rampant inflation and currency instability. The country has previously launched amnesty programs aimed at undisclosed cash or assets held abroad by its citizens. This current proposal extends a similar strategy to the rapidly evolving domain of digital assets, seeking to integrate them into the national economic framework.