The Argentine central bank has asked national commercial banks to provide it with data on transactions carried out by clients who may be using cryptocurrencies.
The Argentine central bank wants crypto investor data
Banco Central de la República Argentina (BCRA) asked banks and fintech-related companies to provide them with data “Many players in the financial system”, who can invest in cryptocurrencies. It is about the data of Fr. “Operations carried out with Bitcoin (BTC) and other cryptocurrencies“.
Experts believe there are currently around 2 million cryptocurrency users active in Argentina.
An attempt to regulate the market?
It is possible that the above is a prelude to regulating the cryptocurrency market. As suggested Cryptonews, bank “May look beyond BTC and major altcoins and attempt to attack dollar-linked stablecoins”. This is indicated by the words of a senior manager from an unknown Argentine cryptocurrency exchange, who suggested that the BCRA may also want to take a closer look at transactions made using stablecoins such as Tether (USDT) or DAI. The authorities reportedly suspect that some people are using stablecoins to circumvent strict limits on buying dollars.
It may also be something else. The government and the BCRA waged a lost war against hyperinflation last year. Back then, the amount of the fiat peso to the dollar was reduced. Some citizens seem to have turned to cryptocurrency as a way around these restrictions.
The BCRA has also requested data from the Argentine Chamber of Fintech, which represents a range of cryptocurrency and fintech related companies, and wants information on companies that provide cryptocurrency storage services or investment market services, as well as organizations related to cryptocurrency mining.
Argentina’s actions are in line with what is happening now in Turkey. Ankara has decided to ban cryptocurrency transactions. Experts believe that this is also a way to protect the local currency, which has suffered from hyperinflation. Politicians in countries with weakening currencies see BTC as an ever greater threat. On the one hand, it shows the strength of BTC, but on the other hand, it is a threat to the development of the market.