Argentina’s Internal Revenue Service has suggested that it is necessary to increase inspection of cryptocurrencies globally. According to the president of the agency, Mercedes Marcó del Pont, the OECD should include digital currencies in its financial reports.
The concern about foreign exchange evasion through cryptoassets was presented by Mercedes during the 56th Assembly of the Inter-American Center of Tax Administrations (CIAT).
For the president of Argentina’s Internal Revenue Service, digital currencies should be included in financial information exchanges between countries. In addition, the OECD should create global reports on cryptoassets.
“It is necessary to include electronic money, digital currencies, and cryptoassets in international information exchange mechanisms to prevent them from becoming instruments facilitating evasion”.
Mercedes advocates sharing information on cryptoassets to prevent currency evasion and uses the repatriation program created in 2016 in Argentina to establish control mechanisms for digital currencies.
“The recent Argentine experience shows that the automatic exchange of information on financial accounts is a central tool to combat evasion maneuvers by sectors with higher tax capacity”.
Argentina faces significant financial instability caused by high annual inflation, forecast at 50%. In a bid to escape the fluctuation of the Argentine peso, the adoption of cryptoassets has increased in the country.