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Argentina’s Central Bank Begins Mandatory Search for Bank Users Affiliated With Crypto

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The Central Bank of the Argentine Republic (BCRA) has asked operating banks within its jurisdiction to acquire and supply details of all their clients who have transacted in cryptocurrencies.

In a sheet which was leaked by the local Bitcoin community on Twitter, the apex bank mandated banks within the Republic to provide information as regards each client’s Unique Tax Identification Code (CUIT), address, number of account, type of account, and the names of those authorized to use the account in question.

Argentina's Central Bank (the one with 50% annual inflation) is requesting banks to complete a sheet to identify clients known to have, trade or do payments with cryptoassets.Here a message from a bank association to their members (leaked by the local #Bitcoin community): pic.twitter.com/Rba2rAJXDu— Franco Amati 🦔🌎⚡ (@franamati) April 2, 2021

Attached with the sheet is a message that further stated that this request for data is necessary and within the area of operation of the BCRA because it has “monitoring functions of payment systems.”

As opposed to speculations that it could be a step towards blockade of accounts that have transacted with digital assets, the Central Bank later confirmed the authenticity of the sheet to a local news platform, adding that the exercise is aimed at ascertaining whether or not it is necessary for crypto assets to have greater regulations in the country. However, the country’s Crypto community is not convinced.

The leaked publication has so far been met with open strictures with a handful of Argentine nationals taking to Twitter to question why the bank would make such a request [because apparently, they are still skeptical about the transparency of the BCRA in this regard], and some implying that absolute regulation of cryptocurrencies in the country is rather impractical.

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