Give us data on crypto transactions
Argentina’s central bank has asked the country’s commercial banks to pass data on transactions made by clients they say trade in crypto – with another world government apparently preparing to regulate its crypto users.
Through Infobae, the power station Banco Central de la República Argentina (BCRA) also asked fintech-related companies to transmit data, to an extent that, according to the outlet, “many players in the financial system” have interpreted as a precursor to the regulation of the sector.
The BCRA has asked banks and payment companies to provide it with data on “transactions made using Bitcoin (BTC) and other crypto-assets.” However, the central bank was keen to point out that at this stage, the data requested “does not relate to buyers of crypto-assets, but to the companies that sell them”.
As reported last week, experts now estimate that around 2 million crypto users are active in Argentina.
But it appears the bank is looking beyond BTC and major altcoins and is trying to target dollar-indexed stablecoins. A senior executive at an unnamed Argentinian crypto exchange suggested that the BCRA may hope to target transactions made in token form such as tether (USDT) or dai (DAI), as it suspects some people are using stablecoins to circumvent the strict limits it imposed. buying dollars.
The government and the BCRA have fought a losing battle against hyperinflation over the past year, and a cap has been placed on the amount of currency peso-USD exchanges that individuals can make in banks and at exchange counters. As previously noted, some seem to have turned to crypto to get around these limitations.
The BCRA also requested data from the Argentinian Chamber of FinTech, who represents a number of companies related to crypto and fintech, and is interested in learning about companies that provide crypto custody or investment services, as well as organizations related to crypto mining.
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