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Argentinian Tax Agency Takes Control of Institution's Debtors' Digital Wallets


Anna Martynova

The Argentinian tax agency (AFIP) succeeded in seizing more than 1,200 digital wallets from taxpayers who were in debt but had no bank account or other property available to be collected by the courts. There has not yet been an order to arrest cryptocurrencies.

The basis for the seizures was established in February of this year, when AFIP included them in the list of seizable assets. Since February, the institution has managed to make 1,269 arrests against customers who had accounts on such platforms, according to local media. While there are no specific procedures that describe when the tax authorities may seize such assets from debtors, seizures are usually made when there are no more liquid assets to seize, such as bank account funds or other property.

The Argentinian tax agency already has the data of each account on these platforms as required by law. This makes it easier for the organization to access the funds. However, the procedures can only be carried out if the digital wallets are provided by national companies, which is the reason why the country's citizens keep large sums of money outside of Argentina. According to official estimates, more than $360 bln remains undeclared, and much of this money is beyond the reach of AFIP.

Image: 24 Hours World


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