Central Bank Of Argentina Asks Banks To Provide Their Crypto Clients Details

The Central Bank of Argentina has instructed banks under its authority to give details about account holders associated with the crypto trade.

A document was uploaded on Twitter by the local cryptocurrency community, which reads that the national Bank of Argentina or BCRA has ordered banks to provide data such as type of account, number of accounts, name of the account holder, address, and Tax ID number.

Additionally, a note attached expressed that the instructions were compulsory to fulfill since the central bank monitored the payment system of the country.

According to rumors, the identified accounts were to be blocked. The document uploaded on Twitter was authentic, as the central bank confirmed later on. The bank concurred the practice was merely used to test whether the regulation of digital assets was called for or not. As expected, the local community didn’t buy it at all as they expect a much sinister reason.

The document has met with abundant skepticism as many Argentian residents asked questions on Twitter why would the central bank even ask for such a specific request [as the transparency of the central bank is still doubted]. While other residents believe such regulation is unrealistic in Argentina.

As cryptocurrencies are growing day by day in Argentina, the authorities are on ruckus to regulate all types of crypto assets. The previous year, Argentinian Financial Information Unit demanded crypto transactions from all the entities dealing with crypto and digital assets. According to the government agency, this practice was to counter-terrorism and money laundering.

As time progressed, the bank took a much stern move, which will make any company willing to obtain dollars. Do not consist Bitcoin in their liquid asset along with some other requirements.

Nevertheless, with all these strict measurements conducted by the Argentinian government, Argentina still ranks among the leading Latin countries utilizing cryptocurrencies. However, its neighbor Bolivia has taken a much harsher move of straight out banning the crypto exchanges and cryptocurrencies.

The increase in demand from Argentina is mainly due to the nation’s poor financial situation, and the pandemic has only added more fuel to the fire. The crypto exchanges in Argentina have gained a lot since the later 2020, as one popular exchange Ripio have reportedly gained 1,000,000 users since the start of the year.

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