Argentina central bank seeks data on bank customers’ crypto trading

Will it be another chokehold for crypto?

The commercial banks in Argentina have been asked by the nation’s central bank to submit data regarding transactions of their customers that might have been trading in crypto.

Some reports have also stated that the Banco Central de la República Argentina (BCRA) has also asked fintech companies to hand over similar information in what appears to be another move of a global government preparing to regulate its crypto users.

Some players and stakeholders in the financial system of Argentina have interpreted the move as a precursor to regulations in the sector. Recently, Asian nations South Korea and Taiwan have also started taking actions to regulate their respective crypto space.

What the BCRA asks for

According to Infobae reports cited by Cryptonews.com, the BCRA has asked to be given data about operations carried out using Bitcoin (BTC) and other crypto assets.

Avoiding ambiguity and possible violent feedbacks, the Argentinian central bank was quick to clarify that at this point, the data they are asking is not about buyers of crypto assets but about the companies that sell them.

Experts have estimated that in the country, there are about 2 million active crypto users, and this could be a lot of work for this move initiated by the central bank.

What others think

Others think, though, that the bank might be looking ahead of BTC and major altcoins and is targeting dollar-pegged stablecoins.

A senior executive at an unnamed Argentinean crypto exchange has suggested that the BCRA is hoping to have a look at transactions facilitated by tokens like Tether (USDT) or dai (DAI) due to its suspicion that some individuals are using stablecoins to go round strict limits put into dollar buying.

Some, however, appear to have turned to crypto in a way to get around the limits put by the central bank on the amount of fiat peso to USD exchanges.

 

Image courtesy of Cointelegraph News/YouTube

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