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Bitcoin 2022 — Will the real maximalists please stand up?

As I go about the Miami conference, I wonder, Aside from some of the conference speakers, where are these Bitcoin maximalists I keep hearing so much about?When…

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As I go about the Miami conference, I wonder, Aside from some of the conference speakers, where are these Bitcoin maximalists I keep hearing so much about?

When I tell the customs official Im going to Miami for the Bitcoin 2022 conference, there seems to be a light in the mans eyes. He peppers me with questions, even though Id gotten up at 5 am that day to fly, and my smartwatch is telling me that my energy levels are only at 70%. The customs official has way more interest in the subject than I can handle.

Why am I going to the conference? The philosophy of the event fascinates me its a Bitcoin-only conference with the divide between Bitcoin and the rest of the cryptocurrency world growing year by year.

I dont go into that much detail with the customs official, though. Sometimes, when I interact with too many crypto people, I forget that everyone else has paid so little attention to this space, they still use the terms Bitcoin and cryptocurrency synonymously. If I offload onto the customs official everything thats on my mind, hed probably think Im autistic or drunk (or maybe both).

 

 

Bitcoin 2022
For a conference aimed at Bitcoin Maxis, the crowd seemed pretty comfortable with crypto.

 

 

Florida state of mind

Ive always found Miami strange, but not in a bad way. Florida is known for the Florida Man meme all the wild and wacky stuff happening in the Sunshine State like the naked man downtown who bit off someones face in 2012. But thats largely because of Floridas strong information-transparency laws. As a fellow journalist, I dream about this sometimes. Where Im from, Canada, we have to fight twice as hard for half the disclosure. Florida is brash and loud because its open. In a way, Florida is America.

 

 

 

Indeed, writing in The Globe and Mail newspaper, journalist David Shribman would later say that the American center used to be California, which gave the world the movie theatre, skateboards and the linguistic filler like. Now, Shribman writes, Americas center is Florida. The state is the home of former-President Donald Trump, but it used to be governed by the moderate Jeb Bush in a way encapsulating the transformation of American conservatism of the last decade. Florida is home to the Stand Your Ground self-defense law, the rebellion against COVID-19 mask mandates and, of course, Disneyland. No wonder this libertarian fantasy world is attracting Bitcoiners and the tech elite.

Out of California and into Florida, PayPals Peter Thiel has made the move. So has another member of the so-called PayPal Mafia, the venture capitalist Keith Rabois. Elon Musk, too, has a SpaceX launch site in Florida, and Cathie Woods Ark Invest has moved to the state as well. Somewhere in there is also why Bitcoin 2022, the Bitcoin-only conference that excludes other cryptocurrencies, has come to this state.

Note how so many of these tech people moving to Florida are also Bitcoin people not just in the eyes of the mainstream who use Bitcoin and cryptocurrency interchangeably, but Bitcoin-only Bitcoin people. Thiel and Wood were both listed as speakers at Bitcoin 2022. Perhaps thats only natural.

 

 

 

 

During the conference, one of its hosts Natalie Brunell, speaking on the venture capitalist Anthony Pomplianos podcast, says Bitcoin represents the American Dream, with its ethos of self-determination, freedom, the idea of creating a better life for your family. But its not just that. That reputation of the Bitcoin-only folks often called maximalists is much like that of the new America that Florida has come to represent. Its loud. Its big on individual liberties. The open blockchain is transparent to a fault. Thus, Bitcoin is Florida.

 

 

 

 

Or, at least, thats one idea. On a different episode of the same Pompliano podcast, an enlightening statistic is brought up: 83% of those who own Bitcoin also own another cryptocurrency. For all of Bitcoins distinctness and how its identity is separate from the rest of crypto, that does not seem to extend to its holders. As I go about this Bitcoin-only event in the heart of this new America, I would wonder, How organic, really, is this maximalism sentiment running through it all?

 

 

Stacks community event at Bitcoin Unleashed. Source: Twitter

 

 

Bitcoin to the max

Its hardly a controversial thought to say that other cryptocurrencies cannot be truly compared to Bitcoin because they are not sufficiently decentralized and decentralization is the entire point of the first cryptocurrency. Nor is it outlandish to say that most of the tens of thousands of alternative coins and random blockchain projects are either scams or, to put it politely, overly ambitious. But Bitcoin maximalists have been criticized for taking that idea up a notch.

On the second day of the conference, there is a zinger thrown during the panel called Wartime Bitcoin. The moderator asks what the biggest attack on Bitcoin is. Aleks Svetski, an Australian entrepreneur and author of a book on individual liberties, isnt first in line to speak. But he seemingly gets invigorated by the question. Svetski gestures at the moderator and another speaker. Let me go first, please, he says. Svetski speaks with his hands:

The attack is cryptocurrency. Thats the fucking attack.

 

 

 

 

The crowd cheers. Or, at least, some people do. I can hear the hoots. That is indeed quite clever, I think to myself as I watch Svetski. Hefurther explains his thinking:

The easiest way to Trojan Horse everyone is to pretend like youre building something technically and architecturally similar [to Bitcoin] and add a fucking wonderboy and then roll it out to the lemmings.

Such rhetoric, though those who disagree with it, disagree strongly. As the conference goes on, widely followed Twitter account Autism Capital tweets, We find it incredibly interesting how the majority of the talks at Bitcoin Miami are people justifying Bitcoin against Ethereum. Its not a conference, its a sermon.

 

 

 

 

Indeed, at Bitcoin 2021, the boxer Floyd Mayweather Jr. was booed when he showed up promoting an Ethereum-based project. Mayweather obviously didnt do a good job of reading the room. And the boos were perhaps justified, given what happened to the

Ethereum Max token he was promoting to the outside world. But what was on display at Bitcoin 2021 bordered on the religious. A Rolling Stone article on the event was headlined Welcome to the Church of Bitcoin.

But I didnt go to Bitcoin 2021. I only read about it. In person, at Bitcoin 2022, there was much less of that image of Bitcoin maximalism than I expected. Aside from the conference speakers and, I guess, the guys who cheered Svetski, whom I didnt really see, I would meet very few people who are actual Bitcoin maximalists. In fact, walking in and out of the formal talks and the rest of the conference, it seems as if I am stepping into different worlds.

 

 

 

 

Four days in Miami

The conference at the Miami Beach Exhibition Center is altogether four days, with the first being reserved for industry, the second and third for general admission, and the fourth for a music event called the Sound Money Fest.

The way the conference is structured is that there are a few big rooms with stages for the formal events such as the talks, and while those are going on, there is a massive exhibition floor with hundreds of booths by various companies and organizations. There are also quite a few bars strewn around the place.

Everywhere, there are a lot of spectacles around aside from the celebrity speakers like Jordan Peterson and Serena Williams. There is a cyborg bull statue outside mimicking the golden one that stands on Wall Street. Inside, on the exhibition floor, there is another bull that you can ride, a mechanical one operated by the exchange Bullish. The person who lasts the longest at the conference would win a whole Bitcoin.

 

 

 

 

The exhibition hall also has a Bitcoin volcano, referencing geothermal powered Bitcoin mining in El Salvador, and beside it is a stage with a table set up like at the sports network ESPN. Various personalities would sit around that table throughout the day and give their hot takes.

I spend part of my first day in the exhibition hall trying to look for the booth of this Ukrainian mining pool Hiveon. A publicist reached out to me earlier and said a lot about the companys involvement in the ongoing war with Russia Ukraine raised more than $100 million in crypto. I found that link fascinating, how crypto found its way into this big geopolitics conversation. Much of that was based on Ethereum, however, not Bitcoin.

To give you an idea of how big the exhibition hall is, though, and how absurdly bustling with activity it is, I never really end up finding the company.

 

 

 

 

With 20,000 people from around the world descending on Miami Beach, all the celebrity speakers, the global media attention its hard to believe all of that came out of a white paper by a pseudonymous Satoshi Nakamoto 13 years ago.

Its easy to see, though, that certain diffusion that happens as all ideas take hold. As Bitcoin grew, the border between it and the wider world blurred when it became more mainstream, it also became more mainstream.

Crypto used to be synonymous with Bitcoin because there were no other coins. It was all about peer-to-peer money that cant be controlled by any one party. When more people paid attention to it, they as much started to become influenced by that idea as they started to influence that idea. The result is the tens of thousands of different coins, the Ethereum network and its clones and competitors, the pictures of apes selling for hundreds of thousands, the blockchain movement hoping to tap the technology but not the coin, and the scams and the hacks. That is the term crypto as we know it today.

 

 

 

 

At the core of it all, theres still that Bitcoin-only movement, still focused on that singular original idea of peer-to-peer digital money. But they seem to be getting drowned out. Even at this conference that is ostensibly all about Bitcoin maximalism, the exhibition hall is flush with the sort of crypto companies that the speaker Svetski would call the biggest attack on Bitcoin.

The Ukrainian mining pool Hiveon, for example, whose booth I eventually later found, is for Ethereum. Some at the conference are openly selling NFTs. A writer for The Defiant, a DeFi publication, even says, I see signs that DeFi is taking root in the heart of Bitcoin. As I go about the exhibition hall, I ask myself, Aside from some of the conference speakers, where are all these Bitcoin maximalists I keep hearing so much about?

Much later, I get somewhat of an answer. At the conference, I ran into a team from the media company WGMI Studios that has been going around interviewing attendees. Among the questions it asked is Bitcoin or Ethereum? They later compiled the results for me. Out of 298 people, even at this Bitcoin-only conference, 22% said Ethereum, and 11% said both. One of the WGMI studios guys, Nathan Espinosa, tells me later: We also asked people, NFTs, yes or no? toward the end of the event It was quite interesting to see how [even some of who] chose Bitcoin and talked down Ethereum still supported NFTs.

 

 

 

 

More bull

On the third day, I see the mechanical bull again, the one on the expo floor that anyone can try to ride to win a Bitcoin. I quickly Google the tips and tricks on how to ride a mechanical bull and sign up. How hard can riding a mechanical bull be? I last four seconds.

I turn to less-physical pursuits after that. I play Lightning chess where players have only about five minutes to make all of their movies. I lost two games and won two games, which I think is a respectable finish.

What I truly gain from that chess experience, though, is a spreadsheet of all the side-parties going on that an opponent gave me. Among the 32 events on just the third conference day, there is a yacht party or two and a beach event by Maxim magazine just to give you an idea of what was on offer.

 

 

Bitmex at Bitcoin 2022
BitMEX took this pic at Bitcoin 2022. Looks nice, needs more adoption. Source: Twitter

 

 

ETHMiamis party is, unfortunately, miserable with under a dozen people. I am there for no more than 10 minutes before chugging my beer and walking out.

A much better party and one with an open bar seems to be one by this outfit called Bad Bitch Empire, which bills itself as a private crypto investment club for ambitious women. Yet the promised free drinks turn out to be a mirage, and there are way too many people all squeezed shoulder to shoulder on a tiny rooftop patio.

I go around asking people about my observation, that, somehow, at this Bitcoin-only conference, Ive encountered so few Bitcoin maximalists. A man who works at a Bitcoin ATM provider tells me he feels the maximalists are vocal but not necessarily in the majority. Where are the maxis at the conference? I dont know, but I see them only on Twitter, he tells me. Everyone seems to agree with my observation.

 

 

 

 

I also bump into someone from SpaceX, but it turned out he wasnt an attendee at Bitcoin 2022. In fact, quite few people at those side-parties were, and thats what strikes me. One sullen British guy, who works at a crypto hedge fund, tells me that the conference is not the point. Its the meetings you have with all the people who are in town, he says.

I guess he has a point. The conference talks are streamed online anyway. If youre solely after the information presented, you dont even need to leave your bedroom. Its the human connection with the hordes of other crypto folks all in one place that is the real point of such events. So, why pay $1,099 if you can just hobnob for free at the side parties?

That night at the Bad Bitch Empire event, Bitcoin 2022 itself doesnt really stand out among the dozens of crypto events going on around it the Maxim beach party, the yacht gatherings, even that little ETHMiami gathering, as unspectacular as it was. Its kind of like how, at the conference itself, its theme of Bitcoin maximalism seemed so lost among the wider crypto presence even if, without Bitcoin 2022, there would have been none of these side events promising free drinks.

 

 

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The final hours

On the last day, at the Sound Money Music Festival that is to cap off the conference, I speak to a trio of friends who are the absolute opposite of Bitcoin maximalists. One of them, a graphic designer who has gone into NFTs, an artist who goes by WHUT, proudly tells me that he holds no Bitcoin at all.

When I press him, he says, I have, but it is like a fraction. It doesnt really make sense to even speak about it. But I do have my bag in Tezos is pretty heavy. I own like over 70 NFTs. As an artist, he says, thats what he gravitated toward. He adds that all the altcoins have advanced the crypto mission that began with Bitcoin.

Another among the trio, a recording artist named Cassius Cuve, says:

Mass adoption by way of Web3 is by NFTs. Artists are driving the adoption… You cant have Web3 with only Bitcoin, basically.

Whatever you make of their view, you cant dispute that these guys believe it, and theyre not alone among the thousands of attendees of what is supposed to be a Bitcoin-only conference.

It might seem, on the surface, that the conclusion to draw would be that this Bitcoin-only conference is becoming pointless. But the other perspective is that the very existence of all these non-maximalists validates this conferences purpose. Whats the point, after all, of spreading maximalism if everyone is already a maximalist? Maybe the hordes of non-maximalist crypto people of the past days are exactly the sort of attendees the Bitcoin 2022 organizers want.

 

 

 

 

Crypto once meant Bitcoin. Now crypto has grown to become not only a world of which Bitcoin is only a small part, but also one which Bitcoin doesnt really want to belong. To some, thats a natural progression. To others, its a perversion. But to everyone, its a process that is plainly happening. Therein must lie the true raison dtre of the conference, its reason for being what it is: to counter that rising tide, to play the yang to the growing yin.

Its hard to say how successful that mission statement is, but like how people say any publicity is good publicity, what matters in any endeavor isnt so much how far you go but that you take a little step each day and do not stop. Exposing all those thousands of crypto folks to maximalist thought maybe that in itself is a victory.

 

 

 

 

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6 Questions for Alyssa Tsai of Panony

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on…

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We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Alyssa Tsai, founder and CEO of Panony an incubator, investor and adviser for blockchain and Web3 business.

My name is Alyssa Tsai, and Im the founder and CEO of Panony. There are three pillars of businesses under our group umbrella. PANews is one of the earliest crypto media outlets in Greater China and South Korea. It has published over 20,000 articles, with an average of over 5 million page views per month. At Panony, we invest in blockchain projects worldwide and consult Fortune 500 companies for integration and expansion into the industry, spanning the entire spectrum of the blockchain industry from solution providers and exchanges to public chains, protocols and DApps. Im also a limited partner of NGC Ventures, the Animoca Metaverse Fund and the Delta Fund.

Before falling down the rabbit hole of crypto, my prior work experience included Cond Nast, Isentia, Ogilvy and a high-tech law firm. I also actively speak at and moderate global blockchain conferences.

 


1 What is the main hurdle in the way of the mass adoption of blockchain technology?

The industry is still in its infancy. We should be aware of the many challenges, though its already a buzzword in the tech world. The scalability problem is directly related to adoption and blockchain implementation. This question is about whether the system can operate smoothly as demand increases, which inevitably determines mass integration.

Its also important to address that the complexity of blockchain technology limits mass markets ability to appreciate the benefits. The entry barrier is high, so people need to make an effort to understand, not to mention having to keep up with the rapid changes and disruptions. Now they might as well use an adequately good solution for their needs, like regular financial services.

Thats why I feel like Im doing a meaningful job every day. Its early for blockchain and never too early for us. There are so many things to do and so many people we can support through education. The future is now.

 

2 Which countries are doing the most to support blockchain, and which ones will be left behind?

Since Im based out of Greater China, I can share whats happening here from my perspective.

Chinese President Xi Jinping once stated that the country needs to seize the opportunities given by blockchain technology. Following that principle, China has been developing a platform, known as the Blockchain-based Service Network, aimed at making blockchain technology implementation easier for businesses. Many governments are experimenting with a CBDC a central bank digital currency, which has blockchain at its core and China is piloting its digital yuan.

In recent years, the nation has issued statements supporting the development of blockchain tech across several sectors, with an ambition to consolidate the technology into its financial and growth strategies. We also appreciate its intention to build up industrial norms, or tariff incentives to support blockchain-based businesses.

Hong Kong has a robust system that has given birth to Animoca Brands, Crypto.com, BitMEX and many other exceptional companies in the industry. And on a global scale, Switzerland has SEBA Bank, the first regulated crypto bank in the country. In 2016, Zugs local government became the first municipality in the world to accept taxes in Bitcoin; and in 2020, the Swiss authorities allowed citizens and companies based in Zug to pay their taxes in either Bitcoin or Ether.

Other countries such as the United States, Singapore, Japan, South Korea and South Africa also play significant parts in the blockchain ecosystem.

 

3 What would you like to see tokenized? When, if ever, do you expect this to happen?

The history of art in museums, like the Dunhuang Murals. I visited years ago and learned that many experts and scientists are working tirelessly to discover a solution to slow down the oxidation of wall paintings caused by light and air exposure. Tokenizing these could help bring in more money for research and democratize art investment by making art pieces accessible to the general public. It could happen at any time.

In addition, charity work and support for research would be great to see tokenized, especially under the shadow of COVID-19.

 

4 What makes sense to you, and what makes no sense whatsoever?

Gender equality. As a young female entrepreneur who originates from the East and connects to the West, I plead for more investment and education around women. I have met so many powerful women of diverse backgrounds, and they are just as smart and hard-working as men. In reality, challenges remain: There is discriminatory legislation, societal practices persist, and women continue to be underrepresented in leadership at all levels.

Speaking of education, children being taught to learn for the sake of their parents pride does not make sense to me. We should pay attention to personal growth.

 

5 Which alternate movie universe would you most like to live in, and why?

Marvels. It dawned on me at the very beginning of the COVID-19 pandemic that we really could have a mighty superhero who could save thousands of lives. Furthermore, the films are about incredible, exciting voyages through time and space. Id love to discover new worlds. For the time being, Ill have to settle on crypto as my wild new world to explore.

 

6 Think of a favorite poem or musical lyric. What is it, and why does it speak to you?

From Bring in the Wine by Li Bai of the Tang Dynasty: When hopes are won, oh, drink your fill in high delight; And never leave your wine cup empty in the moonlight! Heaven has made us talents; were not made in vain. A thousand gold coins spent; more will turn up again. For people who might be interested in the original version

I learned this classical Chinese poem during middle school, and it was eye-opening for me at the time how people living thousands of years ago could live their life to the fullest even when excluded from a position working for the emperor. I guess thats how I learned about resilience and not being afraid of challenges.

Even today, I still remember every single word of this poem that inspires and empowers me its like Im encouraged to be someone like Li Bai, who continues to push forward despite the difficulties and stay truthful. I just keep on doing things I believe in, even when feeling down.

 

A wish for the young, ambitious blockchain community:

Be aggressive and inclusive. Get to know your community, and listen to your community. Lift and add value to one another through collaboration and fair competition.

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Mike Pompeo’s Revealing Hudson Institute Speech

Mike Pompeo’s Revealing Hudson Institute Speech

Authored by Caitlin Johnstone via CaitlinJohnstone.com,

Former CIA director and secretary…

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Mike Pompeo's Revealing Hudson Institute Speech

Authored by Caitlin Johnstone via CaitlinJohnstone.com,

Former CIA director and secretary of state Mike Pompeo gave a speech at the Hudson Institute last week that’s probably worth taking a look at just because of how much it reveals about the nature of the US empire and the corrupt institutions which influence its policies.

Pompeo is serving as a “Distinguished Fellow” at the Hudson Institute while he waits for the revolving door of the DC swamp to rotate him back into a federal government position. The Hudson Institute is a neoconservative think tank which has a high degree of overlap with the infamous Project for the New American Century and its lineup of Iraq war architects, and spends a lot of its time manufacturing Beltway support for hawkish agendas against Iran. It was founded in 1961 with the help of a cold warrior named Herman Kahn, whose enthusiastic support for the idea that the US can win a nuclear war with the Soviet Union was reportedly an inspiration for the movie Dr Strangelove.

A think tank is an institution where academics are paid by the worst people in the world to come up with explanations for why it would be good and smart to do something evil and stupid, which are then pitched at key points of influence in the media and the government. “Think tank” is a good and accurate label for these institutions, because they are dedicated to controlling what people think, and because they are artificial enclosures for slimy creatures.

Pompeo’s speech is one long rimjob for the military-industrial complex which indirectly employs him. He repeatedly sings the praises of the weapons that are being poured into Ukraine, two of them by name: the Patriot missile built by Raytheon and the Javelin missile built jointly by Raytheon and Lockheed Martin, both of whom happen to be major funders of the Hudson Institute. He repeatedly decries the “disastrous withdrawal from Afghanistan,” and excoriates the Biden administration for failing to control the world’s fossil fuel resources aggressively enough in its efforts to “prostrate itself to radicals.”

Pompeo, easily ranked among the most fanatical imperialists on the entire planet, hilariously says that “China’s Belt and Road Initiative is a form of imperialism.” He decries a “genocide” in Xinjiang and repeatedly implies that China deliberately unleashed Covid-19 upon the world, calling it “the global pandemic induced by China.” He repeatedly claims that Vladimir Putin is trying to reconstitute the Soviet Union.

Along with praise for NATO and for the various anti-China alliances in the Indo-Pacific, Pompeo names “Ukraine, Israel, and Taiwan” as “the three lighthouses for liberty” which those alliances must work to support militarily. You will notice that those three “lighthouses” just so happen to be the hottest points of geostrategic conflict with the top three opponents of the US empire: Russia, Iran, and China.

But there are a couple of things Pompeo says which have some real meat on them.

“By aiding Ukraine, we undermined the creation of a Russian-Chinese axis bent on exerting military and economic hegemony in Europe, in Asia and in the Middle East,” Pompeo says.

“We must prevent the formation of a Pan-Eurasian colossus incorporating Russia, but led by China,” he later adds. “To do that, we have to strengthen NATO, and we see that nothing hinders Finland and Sweden’s entry into that organization.”

That’s all the major international news stories of today are ultimately about, right there. Underlying all the smaller news stories about conflicts with nations like Russia, China and Iran, there’s one continuous story about the US power alliance trying to secure planetary domination by relentlessly working to subvert any nation which refuses to align with it, and about the nations who oppose that campaign working against it with steadily increasing intimacy.

This is all the Russia hysteria from 2016 onward has been about. This is all the phony, hypocritical hand-wringing about Taiwan, Xinjiang and Hong Kong have been about. This is all the staged histrionics about human rights in Iran, Syria, North Korea, Venezuela, Bolivia, Nicaragua and Cuba have been about. It’s all been about manufacturing international consent for an increasingly dangerous campaign to secure unipolar global hegemony at any cost.

It’s worth calling this to mind, as NATO for the first time designates China a threat due to its alignment with Russia and as NATO’s secretary-general admits that NATO has been preparing for a conflict with Russia since 2014. It is worth calling to mind the fact that the US has had a policy in place since the fall of the Soviet Union to prevent the rise of any rival superpower to deny any serious challenge to its planetary domination. It is worth calling to mind that in 1997 the precursor to the US Space Force committed to working toward “full spectrum dominance,” meaning military control over land, sea, air, and space.

People like to talk about secret conspiracies by shadowy cabals to establish a one-world government, but what is by far the most tangible and imminent global domination agenda has been orchestrated right out in the open. The US government has long sought to unite the world under a single power structure, no matter how much violence and devastation it needs to inflict upon humanity and no matter how much world-threatening nuclear brinkmanship it needs to engage in to do so.

This is the US empire which corrupt psychopaths like Mike Pompeo support. A power structure which wages nonstop wars in order to keep the peace, which continually oppresses populations around the world in order to protect freedom, and which risks nuclear war with increasingly reckless aggression to in order save the world.

*  *  *

My work is entirely reader-supported, so if you enjoyed this piece please consider sharing it around, following me on FacebookTwitterSoundcloud or YouTube, or throwing some money into my tip jar on Ko-fiPatreon or Paypal. If you want to read more you can buy my books. The best way to make sure you see the stuff I publish is to subscribe to the mailing list for at my website or on Substack, which will get you an email notification for everything I publish. Everyone, racist platforms excluded, has my permission to republish, use or translate any part of this work (or anything else I’ve written) in any way they like free of charge. For more info on who I am, where I stand, and what I’m trying to do with this platform, click here. All works co-authored with my American husband Tim Foley.

Bitcoin donations:1Ac7PCQXoQoLA9Sh8fhAgiU3PHA2EX5Zm2

Tyler Durden Sat, 07/02/2022 - 21:30

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Argentina Starts Seizing Crypto Wallets Linked To Tax Delinquents

Argentina starts seizing crypto wallets linked to tax delinquents and they started with 1000 crypto wallets already so let’s read more today in our cryptocurrency…

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Argentina starts seizing crypto wallets linked to tax delinquents and they started with 1000 crypto wallets already so let’s read more today in our cryptocurrency news.

The Argentinian tax avoiders are seeing their crypto wallets seized by the local tax authority with more than 1000 wallets already being seized. As per the reports from local media outlet iProUP, the courts in Argentina authorized the seizure of 1269 crypto wallets belonging to citizens with outstanding debt to the Federal Administration of Public Income.

Argentina starts seizing crypto wallets after AFIP signed its intent to go after the tax delinquents back in May and it even ordered the exchanges and payment service providers to deliver monthly reports on the users of their platforms. The services were requested to verify the identity of the clients and to keep records of user accounts and detailed statements including income, expenses, and monthly balances.

With the companies supplying the information to the tax authorities, AFIP was able to enforce embargoes on the holdings in the wallets connected to errant taxpayers over the past few months. The AFIP current standard operating procedure often targets bank accounts and other liquid assets to recoup the debt. If the taxpayer cannot settle the debt or is unbanked, the AFIP will seize other assets belonging to the individual. The COVID pandemic gave some respite to Argentinians that were in the crosshair of the aFIP as a 19-month moratorium on asset seizures was enforced to ease the pressure on citizens.

The move came as Argentinians continued adopting crypto to combat the inflation and the devaluing peso and the general economic malaise. The reports cite data from the American Market Intelligence which noted that Argentina saw an increase in crypto adoption that eclipsed other South American countries that are driven by citizens that are looking for safe haven against the surging inflation. While the tax authority hones in on the digital assets and non-compliant taxpayers, the government and the central bank were at odds over the crypto treatment. President Alberto Fernandez made headlines by outlining the potential for crypto to help battle inflation in 2021 as the central bank president hinted at legislation and regulation of the industry while bringing them closer to the conventional financial system.

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