Argentina’s customs authority seized 2,233 mining rigs worth around $21 million that it said were overvalued in an effort to evade taxes. Seized rigs include Whatsminer M30S models, among others.

As local newspaper Ámbito Financiero reported, the customs regulator filed a complaint that the miners were incorrectly charged about $5 million more than their true value. The bill for the devices values ​​them at $10,000, but they’re worth around $6,316 to $7,700 each.

The minors arrived at Ezeiza International Airport in Buenos Aires. They were destined for a special tax area in La Plata, Argentina, without having obtained the required authorizations before being intercepted. The machines were imported from China by an LLC based in the US state of Florida, according to the invoice reported by Ámbito. The customs authority handed the case over to judge Pablo Yadarola, who ordered the inspection of the minors.

The seizure comes amid efforts to tighten import controls as the country faces a shortage of foreign exchange reserves. The director general of the customs office, Guillermo Michel, pointed out that the use of foreign exchange reserves must aim to facilitate production activities.

“We have to deal with dollars for production and job creation, not for financial speculation,” he said.

The Florida-based LLC and others linked to the attempted abuse of the free zone regime will be investigated. The Customs Authority has also launched systemic inspections of all companies that operate in the Ámbito Free Zone states.

Block reward mining and digital asset trading remain popular in Argentina

According to a BBC report, the digital currency industry is growing in popularity among Argentines, as is block reward mining. The trend is attributed to the country’s citizens’ lack of confidence in its financial system amid rising inflation.

Most households are taking advantage of low electricity rates to mine digital currency for the purpose of earning money and protecting their wealth. For its part, the Argentine government is watching the industry closely and is concerned about its proliferation.

Last May, the Central Bank of the Argentine Republic (BCRA) issued a directive ordering commercial banks to stop all digital currency services they offer. The directive came after two major banks announced plans to roll out digital currency trading services for their clients.

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