The customs office of Argentina reportedly confiscated crypto mining equipment worth $21 million.
According to a report by the newspaper Ambito Financiero, Argentina’s customs authority confiscated 2,233 cryptocurrency mining equipment that it believes were incorrectly invoiced at nearly $5 million higher than their real value.
The devices, which were actually only worth $6,316 to $7,700 each, were valued at $10,000 each for importation purposes, according to an agency complaint submitted on Thursday.
Judge Pablo Yadarola, who on Monday ordered a survey of the seized commodities, is currently looking into the case. Guillermo Michel, general director of the customs office, said “We must take care of the dollars for production and job creation, not for financial speculation.”
The confiscation took place when the Argentine Central Bank’s balance sheet was depleted of foreign reserves, which contributed to the government’s decision this week to further tighten import restrictions.
It was previously mentioned that Argentina blamed crypto miners for power scarcity as many Argentines were mining cryptocurrencies in their houses, hoping to get hard American dollars and benefiting from discounted domestic energy costs.
