Fun

Argentinian Tax Authority Wins Landmark Case to Confiscate Funds From a Digital Account

News Feed - 2022-09-04 11:09:11

Argentinian Tax Authority Wins Landmark Case to Confiscate Funds From a Digital Account


The Argentinian Tax Authority (AFIP) has won a historic case to seize taxpayer funds from a digital account. The case, which was won in an appeal in the Federal Chamber of Mar del Plata, might bring about more seizures of this kind and include cryptocurrencies as part of a stricter policy of the organization. Argentinian Tax Authority to Seize Funds From Digital Account


The eyes of regulators around the world have turned to fintech and crypto companies and their operations. The Argentinian Tax Authority (AFIP) has recently won a landmark case in the area, allowing it to seize funds from a digital account in the country to pay tax-related debts. The request, which was first denied by a judge and then accepted in an appeal at the Federal Chamber of Mar del Plata, may be the first of many seizures of this kind.


The institution will be able to confiscate the totality of the funds owed to the state, adding 15% more for interest and processing charges. The chamber states that it doesn’t find any reason to not consider these and future funds, which were held in a digital Mercado Pago account, as part of the heritage of the account holder.


Furthermore, the order declares that “the rise of economic and financial activity through the use of digital accounts imposes the need to interpret the law in accordance with the current circumstances,” and that these technologies cannot become evasion mediums for taxpayers.


The organization added this kind of wallet to its list of assets which can be confiscated in February. Cryptocurrency Might Also Be Confiscated


In the eyes of analysts, the same criteria applied to digital accounts might be used to confiscate cryptocurrency. Eugenio Bruno, a crypto and fintech specialized attorney, told Iproup that cryptocurrency assets fulfill functions of units of account and stores of value, and can also be used to make payments.


In this way, they could be seizable due to their money-like capabilities. However, the management of these assets is determined by the possession of their private keys, and that’s when an eventual seizure can be difficult to execute.


Bruno states:


In cases where crypto assets are held through exchanges, the eventual AFIP order may indicate that the private keys corresponding to digital accounts of taxpayers affected by the embargoes cannot be used to arrange transfers.


However, when these keys are not held by institutions the applicability of the criteria gets tricky, as the user might not present the private keys of their wallet to the authorities. Tags in this story afip, Argentina, argentinian tax authority, Cryptocurrency, digital accounts, Embargo, mercado libre, Seizure


What do you think about the seizure of digital accounts in Argentina? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Crypto Ads in Thailand Must Feature Clear Investment Warnings, New Regulations Require REGULATION | 3 days ago President of Paraguay Mario Abdo Vetoes Cryptocurrency Bill REGULATION | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, JopsStock / Shutterstock.com Previous article‘No Middle Class Left,’ ‘Millions Will Be Wiped Out’ — Two Market Crash Predictions, Gas Cartels, and Whales Moving Mt Gox Coins: Bitcoin.com News Week in Review Next articleRome’s Financial Volatility to Shock the Eurozone — Hedge Funds Bet $39 Billion Against Italian Debt Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Sam Bankman-Fried asks to stay in Brooklyn prison for appeal
Turner Wright8 hours agoSam Bankman-Fried asks to stay in Brooklyn prison for appealJudge Lewis Kaplan said at a March 28 sentencing hearing that the former FTX CEO would serve his time at a medium- or low-security priso
Ethereum Price Prediction: Crypto Analyst Says Things Are ‘About To Get Interesting’
Este artículo también está disponible en español. The Ethereum price started the new week by extending last week’s gains, which kicked off after it bounced off supp
Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash
Este artículo también está disponible en español. The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first time in its hi
Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023
Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023 The central bank of Georgia intends to publish a document detailing the concept of a national digital currency i
Ethereum Accumulation Address Holdings Surge By 60% In Five Months – Details
Este artículo también está disponible en español. Amid a general crypto market price fall in the past week, Ethereum (ETH) recorded a price correction of over 19.5% findi
Treasury Secretary Janet Yellen Warns Gas Prices Could Spike This Winter — Says ‘It’s a Risk’
Treasury Secretary Janet Yellen Warns Gas Prices Could Spike This Winter — Says "It"s a Risk" U.S. Treasury Secretary Janet Yellen has warned that gas prices could rise again thi
Jesse Coghlan6 hours agoNifty News: Yuga Labs to buy metaverse studio, Etihad NFT staking to take off and moreYuga Labs will acquire Roar Studios as it looks to onboard talent for its still-in-development Otherside metav
Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital Arm
Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital Arm On Wednesday, the Japanese financial holding company and principal member of the Nomura Group, Nomu
Eurovision Winners’ NFT Auction Raises $900K for Charity
Eurovision Winners’ NFT Auction Raises $900K for Charity Kalush Orchestra, the winners of the Eurovision Song Contest 2022, have successfully auctioned off an NFT for charity. Th
Binance denies reports of DWF Labs market manipulation
Zoltan Vardai13 hours agoBinance denies reports of DWF Labs market manipulationDWF Labs was first hit by market manipulation accusations in September 2023.2211 Total views10 Total sharesListen to article 0:00NewsOwn this
Man City and OKX release limited-edition jerseys tied to rare NFTs
Gareth Jenkinson15 hours agoMan City and OKX release limited-edition jerseys tied to rare NFTsA limited number of Manchester City’s “Unseen City Shirts” NFTs are algorithmically linked to physical, limited-edition
Sequoia Capital Partner Believes Lots of VCs Will Pull Back From Crypto
Sequoia Capital Partner Believes Lots of VCs Will Pull Back From Crypto Shaun Maguire, a crypto partner of Sequoia Capital, one of the venture capital firms most active when it com