Tax authorities bust secret Argentinian mining operations

Argentina’s tax collection agency (AFIP) has begun to conduct raids that are targeting suspected crypto miners trying to access digital assets without the necessary licenses.

The first raid was carried out in the province of San Juan, where the authorities found out that an agricultural producer was storing and using crypto mining equipment in a fruit cooling unit.

AFIP offered no further details as to the amount of seized crypto or what the equipment was.

AFIP also raided a crypto mining company based in Buenos Aires where authorities discovered 1,355 video cards and 142 mining rigs.

A third raid occurred in the province of Córdoba, but AFIP withhold most of the details of this third raid.

Cryptocurrency mining in Argentina requires approval from the government, even though there is no exact framework for the process.

However, Argentina has taken issue with the fact that most miners in the country are trying to mine in secret to avoid paying tax on what can be substantial gains.

This makes the job of authorities hard, as they must discover crypto mining operations and prove that they were set up in secrecy with the idea to dodge tax.

Argentina has been quick to adopt cryptocurrencies. The country’s biggest banks allowed digital assets back in May as the country continues to struggle with current inflation levels.

Cryptocurrencies are a lot of fun, and you can use them recreationally at places such as 1xBit, Bitcasino and FortuneJack.com.

Source

Updated: 09/14/2022 — 08:00