Argentinean Central Bank Asks Local Banks for Information on Customers Who Deal With Cryptocurrencies

As cryptocurrencies become increasingly accepted in Argentina, there is debate over how national regulators should regulate the sector. The Central Bank of Argentina (CBA) seems to have taken a step forward, making the picture clearer.

Banks must provide data such as national identification numbers and home addresses.

According to Infobae, the BCRA has asked domestic banks to provide information on their customers who trade in bitcoin (BTC) and other types of crypto transactions.

This is to determine whether or not the cryptocurrency market should be subject to even stricter regulation. Infobae reports, citing sources at the central bank, that BCRA has sent an internal letter to member banks requesting the following information:

Information to identify customers who hold accounts for crypto assets or who have reported or are known to have dealings with the purchase and sale and/or management of payments by/of crypto assets.

Nevertheless, in support of its decision, the Argentinean Central Bank stated that it is responsible for overseeing the national payment systems.

In the email, BCRA asks for national identification numbers, home addresses and account types of those involved in cryptocurrency transactions. Moreover, the measure applies to bank accounts used exclusively for trading cryptocurrencies.

Concerns about future over-regulation

The Central Bank has made the following statement in this regard:

As part of this process, banks were surveyed to determine the breadth and depth of use or acquisition of crypto assets. It is customary for banks to obtain information on various subjects of interest before proceeding with a regulatory procedure.

According to Infobae, the experts surveyed have mixed views on the BCRA measure. Some think it’s the right move, according to Ignacio Carballo, director of the Fintech ecosystem at the Catholic University of Argentina:

The global phenomenon of cryptocurrencies, with its potential benefits and risks to economic systems, is currently being discussed in all global organizations and forums. Since the starting point of any financial regulator should be to make fact-based decisions, studying and properly monitoring the world of cryptocurrencies becomes fundamental, just as the BCRA would.

What do you think of the Argentine central bank’s latest decision? Let us know your comments in the section below.

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frequently asked questions

Which banks allow crypto-currencies?

As an offshore blogger…

Why are banks still against cryptocurrencies?

First, banks hate cryptocurrency investors because they deposit large sums of money and then transfer it to a wallet or brokerage firm that converts it into bitcoins. … Banks don’t want to be involved in illegal activities, so they don’t like large deposits and withdrawals.

Are banks afraid of cryptocurrencies?

Cryptocurrency. As soon as cryptocurrencies appeared on the world stage, banks were quite cautious about them. In fact, they are sometimes openly afraid of what might happen if cryptocurrencies are adopted en masse. … If you are new to the cryptocurrency market, here is a brief overview.

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