Argentina carries out crypto wallet seizures linked to tax delinquents
Argentina Tax Admintration
Modified Date:- Published Date:-Categories: Cryptocurrency
Argentina carries out crypto wallet seizures linked to tax delinquents
Argentina's tax authority has confiscated over 1,000 cryptocurrency wallets linked to delinquent taxpayers in the country. According to a report by local media outlet iProUP, Argentine courts have authorized the Argentine Federal Administration of Public Income (AFIP) to confiscate 1,269 cryptocurrency wallets belonging to citizens with outstanding debts.
Crypto services were requested to verify the identities of customers and keep detailed financial statements including income, expenses and monthly balances, along with records of user accounts. With the supply of this information to the tax authority by these firms, AFIP has been able to ban holdings in wallets linked to erroneous taxpayers over the past few months.
The current standard operating procedure of AFIP generally targets bank accounts and other liquid assets for recovery of loans as the first port of call. If a taxpayer cannot settle his debt or is unbanked, AFIP will try to confiscate other assets belonging to the individual.
President Alberto Fernández made headlines in August 2021 highlighting the potential of cryptocurrencies to help combat inflation, as Argentina's central bank president Miguel Paes hinted at upcoming regulation of the industry and its intersection with the traditional financial system .
AFIP news: Argentine tax authority has arrested nine people for use of cryptocurrencies linked to tax delinquents. The authorities used a crypto wallet that was part of a network of cryptocurrency services used by residents of Argentina who failed to declare their income and wealth.