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Government Tracking Credit Card Purchases

FINANCIAL PRIVACY—ARGENTINA

September 5, 2012

The Argentina government has begun mandating banks to report credit card purchases to national tax authorities and is adding a 15-percent surcharge on purchases made outside the country using Argentinian bank-issued credit cards, reports Forbes. The changes are an effort to combat tax evasion and close off ways for people to convert pesos to U.S. dollars at the official rate—which is lower than the black market rate. The author states this is an example of how a “cashless society… has actually advanced the cause of financial repression,” adding, they are “important lessons in why a cashless society should not strip everyone of their transactional and financial privacy.”
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