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- The Central Bank of the Argentine Republic (BCRA) demanded a special set of information from the local banks of the country
- The measure intends to assess whether the crypto market needs the framework of a bigger regulation or not
- The central bank further added that this is a common practice where the central authority asks banks for data on different subjects of interest
According to Infobae, a popular news portal of Argentina, the Central Bank of the Argentine Republic (BCRA) demanded a special set of information from the local banks of the country. It asked these domestic banks to send them information about its customers who trade in bitcoin (BTC) and execute any other type of crypto transactions.
Argentinean Central Bank’s intrinsic measure to collect information
The measure intends to assess whether the crypto market needs the framework of a bigger regulation or not. Quoting sources from within the arena of the central bank, Infobae highlights that the BCRA recently sent an internal mail to the correlated banks, requesting them to send across some intrinsic data.
As per the report, the data demanded consists of information that enables identifying customers who hold accounts to own crypto assets or who have announced or are known to perform the function of purchase and/or sale association and/or regulation of payments through/of crypto assets.
Besides, the Argentinean central bank is supporting its decision by stating that they are accountable to perform the role of supervising and regulating domestic payment structures.
The BCRA, inside the email, asks for the national identification numbers, account types, and home addresses of the individuals committed to crypto-related transactions. Moreover, the procedure covers the bank accounts employed exclusively to perform the function of purchasing/ selling cryptocurrencies.
Statement of the central authority
The central bank also released a statement about the respective issue. It stated that as a part of the respective procedure, the authorities considered the advice of local banks into consideration to decide the volume and depth of the operations or trading related to crypto assets. The bank further added that this is a common practice where the central authority asks banks for data on different subjects of interest before moving ahead with the intricacy of regulations.
Infobae asserts that specialists that the central bank consulted held mixed opinions about this measure of the BCRA, with some denoting it as an appropriate move, as per the statement of Ignacio Carballo, the Fintech Ecosystem of the University Católica’s director in Argentina.
Ignacio stated that the global occurrence of cryptocurrencies, combined with their perks and potential risks for economic networks, is something that currently constitutes a very debatable subject across all global organizations and conferences. Since the origin of every financial regulator revolves around making decisions based on evidence, the research and accurate monitoring of the crypto world becomes elementary, just like the BCRA will indulge in.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
