Argentina's Central Bank issued a directive to banks: Give us data on crypto transactions

Argentina’s Central Bank issued a directive to banks: Give us data on crypto transactions

The Argentinian central bank has requested data on transactions conducted by customers it believes are trading in cryptocurrency, with yet another global government reportedly preparing to regulate its crypto users.

According to Infobae, Argentina’s central bank, the Banco Central de la Repblica Argentina (BCRA), has also requested data from fintech companies, a move that “many players in the financial system” have interpreted as a precursor to regulations in the sector.

The BCRA has requested information on “operations carried out using bitcoin (BTC) and other cryptoassets” from banks and payment companies. The central bank was quick to point out that the information sought “is not about the buyers of cryptoassets, but about the companies that sell them” at this time.

However, it appears that the bank is attempting to target dollar-pegged stablecoins rather than BTC and major altcoins.

The BCRA may be targeting transactions in stablecoins like tether (USDT) or dai (DAI). According to a senior executive at an unnamed Argentinian crypto exchange. Because it suspects some people are using stablecoins to get around the BCRA’s strict dollar buying limits.

In the past year, the government and the BCRA have been fighting a losing battle against hyperinflation. And a limit on the amount of fiat peso to USD exchanges. That individuals can make at banks and exchange counters has been imposed. As previously reported, some people appear to be turning to crypto to get around these restrictions.

The BCRA has also requested information from the Argentine Chamber of Fintech. Which represents a number of crypto-related and fintech businesses. And is looking for information on companies that offer crypto custody or investment services, as well as crypto mining businesses.