Central Bank Of Argentina Demands Personal Data Of All BTC Buyers

The Central Bank of Argentina demands the personal data of all of its Bitcoin buyers in the country in an attempt to explore if more regulation is needed so let’s read more in our latest Bitcoin news today.

The central bank of Argentina demands the personal data and has sent notice to regional banks in the country to report which customers started buying or are already holding Bitcoin and other cryptocurrencies. It’s part of a year-long effort to prevent illicit Bitcoin trading and further regulate the market in the country. The Central Bank of Argentina requested that all banking institutions in the country submit information about customers that have carried out transactions with Bitcoin or other crypto assets or hold cryptocurrneices in their portfolios.

The move plans that President Alberto Fernandez set in motion in 2020 as an attempt to control capital outflows and to prevent inflation. The Argentine peso already lost 10% of its value this year but during the administration of the previous president, the peso lost about 84% of its value in his years in office. The regulatory board of Argentina’s central bank demanded all banks turn over the names, tax ID numbers, account numbers, and addresses of any clients that touched crypto as the reports said.

As per a note shared by a banking association, the bank has demanded from financial institutions any “information that allows identifying customers who have accounts for holding crypto assets or who have declared or are known to carry out the purchase and/or sale and/or management of payments through crypto-assets.”

Banks had a few days only to send the required information. Argentina’s government was trying to control the growing crypto market in the country for a while as the government has been trying to control the crypto market in the country for quite some time as well. The FIU President Carlos Alberto Cruz:

“In recent times there has been an increase in transactions carried out through virtual assets. It could be being carried out by people who intend to circumvent international standards and avoid the preventive money laundering system.
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People in Argentina have had to look for other solutions outside of their national currency and protect their assets while using the US dollar which became a standard for pricing and other transactions. But with the government restrictions on accessing foreign currencies, the price of the parallel dollar or “blue dollar” one dollar traded on the black market to avoid legal transactions is an indicator of the purchasing power of the Argentine peso. BTC still remains a very popular choice in the country.