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Crypto crackdown on Argentina!

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by COINS NEWS 145 Views

You might no be aware of this, but Argentina is actually pretty up there in regards to crypto adoption, Vitalik Buterin confirmed it on his recent visit to the country, there's thousands of businesses accepting crypto as a form of payment (mostly stablecoins, but some accept BTC over lightning too!), though the official numbers say that only 3% of the population holds crypto.

How could this be? Well, it's pretty simple, most of us Argentinians turn to crypto because our Peso is worth jack shit, we have around 50% yearly inflation (Official numbers, so it must be higher), 2022's estimates oscilate around as much as 67%. We're estrangled by taxes, most of which are used to fund the corrupt, nepotic and antidemocratic goverment we have. So yeah, we straight up don't declare our crypto holdings.

This obviously tickles the goverment's fancy for reducing the citizen's financial freedom with malicious regulation, so near the end of last month, a senator from el Frente de Todos proposed a bill to seize unregistered off-shore assets (This would include crypto under current regulation), but they didn't stop there, they're also offering an incentive to banks, exchanges and basically any financial institution to rat out on their clients for a 30% reward over the seized assets!

What's fun about this? That the very same representative that proposed the law (Daniel MuΓ±oz) has unregistered property on the US under a fake name-holder, property on Turks & Caicos, and other assets registered under his wife's company (A company that is paper-only mind you, no actual business is carried out), all for a value of around 30 million American dollars! (To put that into perspective as it might not seem as much, that's 100000 monthly salaries for most citizens!) And this is under investigation, some properties have been seized but that somehow doesn't affect his position as a goverment official (wonder why /s).

So all in all, I want to take a moment to shout out to any Argentine fellows roaming this sub, and remind them that they should always, always, fortheloveofgodjustdoit, have a solid OpSec whenever dealing with cryptocurrencies, because you never know which rich fuck will try to monopolize money laundering and tax evation all for himself.

Use Monero to cut transactions, mixers whenever possible, a VPN as to not leave clues to your ISP and if possible (Because it's pretty expensive here) a Hardware Wallet.

For the rest of ya'll, I thought that knowing this kind of shit happens somewhere else will make you realize that often times politicians will not follow their own regulation, they'll take advantage of their position to perpetuate themselves both politically and financially. It was never about giving back to the people, no matter how lefty they claim to be, it's about getting to a power position and then staying in that power position. They don't care about you.

submitted by /u/DMugre
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