Bitcoin News and Finance
Argentinean Central Bank Asks Local Banks for Information on Customers Who Deal With Cryptocurrencies Skip to main content

Argentinean Central Bank Asks Local Banks for Information on Customers Who Deal With Cryptocurrencies

Argentinean Central Bank Asks Local Banks for Information on Customers Who Deal With Cryptocurrencies

As cryptocurrencies keep gaining adoption in Argentina, there are discussions on how the national regulatory bodies should regulate the industry. The Central Bank of Argentina (BCRA) seems to have taken a step forward in making the picture clearer.

Banks Should Provide Data Such as National Identification Numbers and Home Addresses

According to Infobae, the BCRA asked domestic banks to forward them information about its customers who deal with bitcoin (BTC) and perform any other kind of crypto transactions.

The measure aims to evaluate whether the crypto market “should be required for an even bigger regulation or not.” Citing sources inside the central bank, Infobae details that the BCRA has sent an internal mail to the associated banks, requesting them the following data:

Information that allows identifying customers who have accounts for holding crypto assets or who have declared or are known to carry out purchase and/or sale cooperation and/or management of payments through/of crypto assets.

That said, the Argentinean central bank backs up its decision by saying that they have “functions of supervising” domestic payment systems.

Inside the email, the BCRA asks for the national identification numbers, home address, and account types of the individuals involved in crypto-related transactions. Moreover, the measure covers the bank accounts used exclusively to trade with cryptocurrencies.

Concerns Over Future ‘Excessive Regulations’

The central bank issued the following statement about the matter:

As part of the process, the banks were consulted to determine the volume and depth of the use or purchase of crypto assets. It is a common practice to ask banks for information on different topics of interest before proceeding with the elaboration of regulations.

Infobae claims that experts consulted by them have mixed opinions about the BCRA’s measure, with some considering it as a correct move, according to Ignacio Carballo, director of the Fintech Ecosystem of the University Católica Argentina:

The global phenomenon of cryptocurrencies, together with its benefits and potential risks for economic systems, is something that is currently being debated in all global organizations and forums. Since the genesis of every financial regulator must be to make decisions based on evidence, the study and proper monitoring of the crypto world becomes fundamental, just as the BCRA would be doing.

What are your thoughts on the latest move announced by the Argentinean central bank? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory