Susana G. Raya is a public accountant, specialist in tax analysis of virtual currencies and digital companies. Cointelegraph en Español spoke with her, in Argentina, about her vision of cryptocurrencies and regulations.
Fernando Quirós (FQ): What potential do you see for Bitcoin and cryptocurrencies?
Susana Raya (SR): Both bitcoin and some other cryptocurrencies are decentralized, portable assets; there is transparency and security in transactions being, in addition to being an important safeguard of value. These are great advantages over conventional currencies.
I think the potential that Bitcoin and its successors have is much greater than that., and we are at a starting point for the potential development that will take place in the near future.
Being a means of payment with so many advantages, turns out to be more and more accepted in the operations carried out by large digital companies, and also in new service platforms.
Little by little, people are entering new innovative projects that multiply in the ecosystem and, considering the possibility that this in turn is valued over time, they allow financial operations that give additional added value.
FQ: Do you consider cryptocurrencies to be a paradigm shift in finance and the way to transfer value?
SR: I think the paradigm shift began to take shape with the “Digital Economy” that was born from the hand of the Internet around 1995. This enormous technological advance has caused essential changes in the way we live, communicate, in our consumption habits and even in the way we work.
New companies and different business models that did not exist until then began to develop, such as developments in online shopping, web pages, downloading digital books, courses, tourism offers, broadcasting through streaming technology, being the endless list.
Some time later, Bitcoin appeared as an almost necessary event in this development, “the need for an internet currency”, innovating on the economy as we knew it. Facilitating the way to carry out transactions from one point of the world to another, with absolute security, in seconds, and avoiding the costly centralization and intermediation existing up to that moment.
But it comes with much more than that, Blockchain technology, generating a universe of projects and enterprises begin to develop in these networks, leaving aside the traditional structures of value exchange and originating other ways of financing projects.
This new business model, which required another model of value exchange, has widely changed the traditional schemes.
I would specifically say that we are witnessing a great transformation of conventional systems and to the revaluation of freedom in our businesses. All these innovations are undoubtedly paradigm shifts that include virtual currencies such as bitcoin, as a necessary element in their future projection.
FQ: Do you think that interest in cryptocurrencies has increased in Argentina?
SG: Yes, of course. In all countries with great economic instability, permanent currency devaluations, and prohibitions, people undoubtedly need to protect their income and savings.
The traditional economy stops providing solutions, so virtual currencies are an important and new safeguard of value. Argentina at the moment is one of the countries where the most is being invested in cryptocurrencies, There is a huge escalation this year.
A significant amount of resources are leaving the formal economy and transferring to these currencies, especially stablecoins or stablecoins, which are anchored to an asset that people already trust, such as the dollar, volatility is no longer a problem .
Personally, I see this correlation reflected in my activity, where more and more people ask about these new forms of value protection.
FQ: Is there a regulatory framework for cryptocurrencies in Argentina?
SG: In Argentina there is not yet a complete specific regulatory framework. Only isolated rules have come out, some of a purely tax nature with the provisions in the Income tax law and in the mandatory information and perceptions regimes.
Others on the legal side, which have agreed on the concept that virtual currencies are considered Financial Assets and that they are not legal tender.
This is very important because it was established first that their operations are completely legal. And second, that the rules of the Criminal Exchange Law do not apply.
FQ: Is the regulatory framework in other countries very different?
SG: Not really. The regulations that are being implemented both in Latin America and in the United States, Spain and other European countries are quite similar due to the fact that there have been meetings between countries where this issue has been put on the table, as happened at the last G20 summit meeting. At that meeting, a specific commission was set up to study the topic of Cryptocurrencies, and there they began to give general guidelines that different countries have been implementing to their own legislation.
FQ: Are taxes paid for making transactions with cryptocurrencies in Argentina?
SG: Not all transactions are taxed. There are many operations that are outside the tax sphere either because they are specifically exempt or eventual.
Nor are those taxed that, due to the way in which they are carried out, remain outside the records in the country, such as direct purchases or sales (P2P) on foreign platforms and without transfers to national bank accounts, or those that are carried out in person F2F (face to face) and in cash.
The tax issue in our country is particularly complex and in reality there are different situations that need to be analyzed promptly.
Basically, taxed operations are those that mean a regular source of income for a person, where they operate with banks and obtain permanent profitability with this.
Keep in mind that what is taxed is “profit.” In other words, there is a range of expenses involved that are legitimately deductible from an operation and the tax is settled on the difference.
FQ: Bitcoin was created not to depend on governments, central banks or companies. Does regulation in a country really affect Bitcoin?
SG: Of course not. Legislation is advancing, due to what I mentioned regarding the transfer of enormous masses of resources over which the states have no control.
But It is precisely the great strengths that Bitcoin and cryptocurrencies have that have caused the state not to stay on the sidelines and want to obtain its own resources through taxes.
FQ: What do you think of the DeFi phenomenon?
SG: Apart from the advances that I have commented, It is good to start looking at the new innovation that also comes from the hand of Blockchain technology, and which is decentralized Finance or called DeFi.
This includes digital assets, smart contract developments and new forms of financing and leverage for our investments, which will generate significant changes in our customs and ways of working and earning income.
About Susana Raya
She is a professional, a public accountant graduated from the National University of Cuyo, in Mendoza (Argentina).
He is a specialist in Tax Analysis of Virtual Currencies and Digital Companies.
She is also the founding owner of the firm Stingray & Co, based in Malaga, Spain. She is also the director and head of the Consultora Integral de Empresas SGR Consulting, based in Mendoza, Argentina
He will be one of the teachers of the course “Law on Blockchain”, organized by Crypto Resources, which will begin on October 7. Those interested in more information about the training, can enter here.
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