ARGENTINIAN TAX DODGERS ARE SEEING THEIR CRYPTOCURRENCY WALLETS SEIZED BY LOCAL TAX AUTHORITY
Argentine tax authorities seized more than 1,000 crypto wallets linked to rebellious taxpayers in the country.
According to a report from the local media store iProUP, courts across Argentina have ordered the seizure of 1,269 unoccupied crypto wallets with arrears owed to Argentina's Federal Administration of Public Income (AFIP).
AFIP signed its intention to track down cryptocurrency bags for tax criminals in May, ordering cryptocurrency transactions with payment service providers to submit monthly reports to users of their platforms.
Crypto Services was asked to verify the identity of clients and maintain user account records and detailed financial statements including monthly income, expenses and balances.
Through these companies providing this information to tax authorities, AFIP has been able to enforce a ban on goods placed in a fund linked to defective taxpayers over the past few months.
AFIP's current standard operating procedure usually directs bank accounts and other liquid assets to repay debts as a first call. If the taxpayer is unable to pay his or her debts or is not in the bank, AFIP will consider taking other personal property.
The COVID-19 epidemic has given relief to the Argentine people at the crossroads of AFIP, as it was forced to suspend 19 months of expropriation in order to ease financial pressure on citizens.
The move comes as Argentines continue to use cryptocurrency to combat inflation, the declining peso and the general economic downturn. A recent Reuters report quoting data from Americas Market Intelligence noted that Argentina has seen an increase in cryptocurrency acquisition surpassing other South American countries, driven by citizens seeking a safer environment against inflation.
While Argentine tax authorities sharpen the digital assets of non-compliant taxpayers, its government and central bank have been at loggerheads over crypto currency management.
President Alberto Fernandez made headlines for highlighting the ability to use crypto currency to help combat inflation in August 2021, just as Argentine central bank president Miguel Pesce suggested future regulation of the industry and its integration with the common financial system.