It is important to justify all the money that goes into an Argentine bank account. Some activities with Bitcoin, such as P2P arbitrage, have certain legal and regulatory loopholes.

Some people receive payments in Bitcoin (BTC) or other cryptocurrencies in exchange for products or services or receive returns on investments in crypto assets. However, there are doubts as to how to get the money into the Argentine banking system without suffering penalties for it.

In recent days, accountant Leonardo Baca talked about the subject, taking advantage of his professional training and the experience with his customers.

“People want to pay their taxes, avoid problems with the Federal Administration of Public Revenue (AFIP), and not pay fines,” according to the specialist. He also explains that this is difficult as it involves legal and regulatory loopholes. “No regulation, law, decree or resolution of the AFIP states that it is possible to do P2P transactions in this way,” he adds.

The ways people launder income with cryptocurrencies in Argentina are not the best, according to Baca. However, the interest of users in not having legal problems leads them to look for an alternative.

“Many people have turned to crypto assets because they cannot do what they had been doing before the pandemic. However, the legislation is not ready for that, so they consult me because I have experience with cryptocurrencies,” the accountant explained.

How Can Someone Launder ARS 30 Million Earned with a Cryptocurrency?

Baca talked about whether someone can launder income if they invest ARS 20 thousand in a cryptocurrency that is suddenly worth ARS 30 million. The accountant said that they cannot since the bank would close their account and report that this money comes from suspicious activity.

That would happen even if that person had those profits on an extraordinary return and wanted to pay for the profits. For that reason, the professional accountant recommends making the payments progressively.

In recent days, Argentine tax lawyer Marcos Zócaro said that “banks do not want cryptocurrency sellers.” He explained that alerts arise when someone moves high amounts. This leads these institutions to ask for supporting documents and sworn statements, and even to close the account.

It Is Necessary to Justify Each Peso that Goes Into a Bank Account

Baca discussed the importance of being able to justify any money going into bank accounts in Argentina. He said that it is possible to do this by registering in “Monotributo” (Simplified Tax Regime for Small Taxpayers). He added that it is also possible to do it through inheritance or compensation depending on the amounts of money entering the bank.

In this way, a person can justify the origin of the income going into his account, Baca explains. “You can say that it comes because you are a registered taxpayer even though it comes from selling that cryptocurrency. However, you will have an endorsement or something else to justify it,” he added.

This Argentine accountant considers that the closure of a bank account is something serious that people need to avoid. They can open an account in another bank but a negative history is not good due to the data crossing between financial entities.

“In another bank, they can generate a suspicious transaction report, which will go to the Financial Information Unit (UIF). Besides, they can put together your file, which can cause you a pretty serious problem,” he stated.

By Alexander Salazar


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