Argentina Central Bank Tells Banks: Give Us Data on Crypto Transactions

Argentina Banking Bitcoin Central Bank Cryptocurrency Latin America

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:54 EDT

Why Trust Cryptonews

For over a decade, Cryptonews has covered the cryptocurrency industry, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

The Argentinian central bank has asked the nation’s commercial banks to hand over data on transactions conducted by customers they believe to be trading in crypto – with yet another global government apparently gearing up to regulate its crypto users.

Per Infobae, the central Banco Central de la República Argentina (BCRA) has also asked fintech-related firms to hand over data, in a move that, the media outlet stated, “many players in the financial system” have interpreted as a precursor to regulations in the sector.

The BCRA has asked the banks and payments firms to provide it with data on “operations carried out using bitcoin (BTC) and other cryptoassets.” However, the central bank was keen to point out that, at this stage, the data requested “is not about the buyers of cryptoassets, but about the companies that sell them.”

As reported last week, experts now believe around 2 million crypto users are active in Argentina.

But it appears that the bank may be looking past BTC and major altcoins and attempting to target dollar-pegged stablecoins. A senior executive at an unnamed Argentinian crypto exchange suggested that the BCRA might be hoping to target transactions made in tokens like tether (USDT) or dai (DAI), as it suspects some individuals are using stablecoins to get around strict limits it has placed on dollar buying.

The government and the BCRA have been fighting a losing battle against hyperinflation in the past year, and a cap has been placed on the amount of fiat peso to USD exchanges individuals can make at banks and exchange counters. As previously reported, some appear to have turned to crypto as a way to get around these limits.

The BCRA has also requested data from the Argentine Chamber of Fintech, which represents a number of crypto-related and fintech companies, and wants information on companies that provide crypto custody or investment services, as well as crypto mining-related organizations.
____
Learn more:
– Turkey Prepares Crypto Regulations Amid ‘Disturbing’ Money Outflows
– Young & Angry Voters Warn Politicians Over Crypto Crackdown
– As Bitcoin’s Taproot Nears, Ex-CIA Director’s Paper Raises Privacy Concerns
– Don’t Take Your Privacy For Granted As Regulators Get Anxious About Crypto
– Cashless Payment Is Booming. So Is Financial Surveillance