Milei Delivers Key Libertarian Reform Law

Argentina’s Chamber of Deputies approved the Law of Foundations and Starting Points for the Freedom of Argentines, known as Ley de Bases, by 147 votes to 107 after more than twelve hours of debate. An accompanying fiscal package, which reinstates income tax, passed by 136 votes to 116. The law introduces an investment regime with fiscal incentives for large projects, and the government also plans to privatise some state-owned companies.

Reinstating income tax for payroll employees goes against Milei’s earlier position and the platform on which he was elected, and the reforms faced strong opposition from Peronist and leftist blocs. Despite popular belief, Milei has not said he will put Argentina on a bitcoin standard, and has instead defended freedom of choice in currencies. Argentina has 3 to 4 million participants in its crypto ecosystem, most of whom prefer stablecoins as a hedge against inflation.