Argentina is confiscating cryptocurrency wallets associated with tax offenders

from Argentinean tax evaders, local tax authorities seize cryptocurrency wallets.

The tax authorities of Argentina arrested more than 1000 cryptocurrency wallets associated with taxes in the country. According to the local IProup media, the courts throughout Argentina authorized the arrest of 1,269 cryptocurrency wallets belonging to citizens with outstanding debt to the Federal Department of State Revenue of Argentina (AFIP). AFIP announced its intention to engage in cryptocurrency wallets belonging to violators of tax legislation, in May, ordering cryptocurrency exchanges and payment services suppliers to provide monthly reports on users of their platforms. Crypto services were invited to check the identity of customers and keep records of user accounts, as well as detailed financial reports, including income, expenses and monthly balances. Due to the fact that these companies provided the tax authority with such information, AFIP over the past few months was able to impose an embargo with funds stored in wallets associated with unscrupulous taxpayers. The current standard operating procedure AFIP is usually aimed at bank accounts and other liquid assets for returning debts. If the taxpayer cannot pay off his debt or does not have bank accounts, AFIP will look for the opportunity to arrest other assets belonging to this person. Argentine cryptocurrency plans were suspended after the country's central bank intervened in order to stop the recent proposals of the two largest financial institutions in the country. - Cointelegraph (@cointelegraph) May 6, 2022 The pandemic of the Covid-19 gave some respite to the Argentines who found themselves under AFIP, since a 19-month moratorium was introduced to confiscate assets to facilitate financial pressure on citizens. Similar: Argentines turn to bitcoin against the background of inflationary fears: Report This step takes place against the background of the Argentines continue to use cryptocurrency to combat growing inflation, depreciated Peso and a general economic crisis. In the recent report, Reuters, citing data from American Market Intelligence, notes that in Argentina there is an increase in the adoption of cryptocurrencies exceeding other countries of South America, which is caused by the fact that citizens are looking for safe asylum from growing inflation. While the tax authorities of Argentina are aimed at digital assets of unscrupulous taxpayers, the government and the Central Bank of the country are at aimed at the attitude to cryptocurrencies. President Alberto Fernandez fell into newspaper headlines, emphasizing the potential of cryptocurrencies in the fight against inflation in August 2021, while the president of the Central Bank of Argentina Miguel Peshe hinted to the upcoming regulation of the industry and its intersection with the usual financial system.