Technology

Argentina’s central bank collects data on crypto transactions

Adobe / Alexandr Vorobev

Argentina’s central bank has asked the country’s commercial banks to turn over data on transactions made by clients they believe to be crypto traders.

According to Infobae, the Banco Central de la República Argentina (BCRA) also asked companies in the fintech sector to do the same, in a move that, according to the media, “many players in the financial system” have interpreted as a precursor to the regulation of the sector.

The BCRA has solicited banks and payment companies to provide it with information regarding “transactions made on Bitcoin (BTC) and other crypto-assets.” However, the central bank made it clear that at this stage, the information requested “does not relate to buyers of crypto-assets, but to the companies that sell them.”

As we reported last week, experts now believe around 2 million crypto users are active in Argentina.

But it looks like the bank’s interest is going beyond BTC and major altcoins and targeting dollar-backed stablecoins. A senior executive at an Argentinian crypto exchange on condition of anonymity suggested that the BCRA could target transactions made in cryptocurrencies like Tether (USDT) or Dai (DAI): she suspects some individuals are using stablecoins to bypass the strict limitations it has placed on dollar purchases.

The government and the BCRA have fought a losing battle against hyperinflation over the past year, and a cap has been set on the amount of fiat pesos to USD conversions that individuals can make at banks and exchange counters: some seem to have turned to crypto to get around these limits.

The BCRA also collected data from Argentina’s FinTech Committee, which represents a number of cryptocurrency and fintech-related companies, to obtain information on companies that provide custody or cryptocurrency investment services, as well. than on organizations related to the mining industry.

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