Argentinian Tax Authority, AFIP, has stated that they will be able to seize any assets owed by taxpayers in digital wallets if the tax debts are not settled. Last year, the organization recommended the law but did not execute it until early 2022 during the Covid-19 pandemic.

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The organization now has a procedure for confiscating digital assets in these accounts. This addition will allow authorities access not only bank accounts and loans given out by third parties but also houses and cars owned by individuals who may be involved with cryptocurrencies transaction history- even if they made those purchases decades ago! Official sources told local media that:

The development of electronic means of payment and their widespread use explains the agency’s decision to include digital accounts in the list of assets seized to collect debts.

Financial institutions must give up customer information when it comes under pressure from the law. The Argentinian Tax Authority has announced that they will confiscate 9800 taxpayers’ digital accounts.

Tax Collection Procedure By Crypto

Argentina’s tax authorities are going after digital wallets that handle the national fiat currency, such as Bimo and Ualá. The most important target for these tax agents is Mercado Pago, an e-commerce platform with bitcoin-friendly policies allowing debtors to store their savings away from pesky collectors who want a cut of their earnings.

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