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Argentina Central Bank Asks Banks for Data on Crypto Transactions

Banco Central de la República Argentina (BCRA) has asked the commercial banks of the country to provide data regarding transactions carried by users they believe they are trading in crypto – this would indicate that another world government is getting ready to regulate its crypto users.

BCRA has asked fintech-related companies for the same thing, which has led many to believe regulations are coming in the crypto sector.

The central bank requested banks and payment firms to provide data regarding “operations carried out using Bitcoin and other crypto-assets.” Still, the BCRA mentioned that, as of now, the data they are asking for “is not about the buyers of crypto assets, but about the companies that sell them.”

It is believed that Argentina has about 2 million active crypto users.

It is possible that the BCRA isn’t looking into Bitcoin and important altcoins, but that it could target dollar-pegged stablecoins, such as Tether or Dai, based on the assumption that some people may be using them to trick the system that has placed limits on dollar buying.

The BCRA and the government have been trying to fight hyperinflation in 2020, which has led to a cap being placed on the total fiat peso to US dollar exchanges that Argentinians can make at banks or exchange counters. In order to get past this, some citizens of the country have turned their attention to crypto.

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