Central Bank of Argentina requests information from clients that carry out operations with crypto assets

The regulatory area of ​​the Central Bank of Argentina has seen fit to request information from commercial banking entities of those clients who carry out operations with cryptocurrencies or who have accounts with these assets. They must fill in the following table:

Source: @franamati

For this they have enabled an email (sdep_vigilancia-estadástica@bcra.gob.ar) so that the banking entities that have the required information can have a direct channel to provide the information. However, the request for information has a deadline: Wednesday, April 7.

Why do they want this information? Agree Infobae, the Central Bank authorities argue that this information will allow them to assess whether they need to implement some type of regulation in this market. Certainly this information will give them extensive knowledge of the number of people who could be carrying out these operations (of course, as long as they are bank clients), as well as the most frequent operations that are usually carried out. Basically, they want to enter a regulatory design stage based on certain information, not estimated.

What is the Central Bank's authorization to make this request for information? The fact of having surveillance functions of the payment and securities systems. They point out that it is a common practice in the framework of the elaboration of regulations, with which, there should be no great surprise about it.

What do the experts say? That it was an expected request: "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 any financial regulator must be evidence-based decision making, the study and correct monitoring of the crypto world becomes fundamental.”Pointed out Ignacio Carballo, director of the Fintech Ecosystem of the Universidad Católica de Argentina.

Finally, it is important to note that, of the universe of crypto operations carried out by Argentine users, the number that do so by compromising banking services is minimal. Therefore, Franco Amati, well known in the crypto community, pointed to Cointelegraph"they are most likely looking for local exchange bank accounts, which is only a minor part of what is happening"

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Marilú Lazo
Lawyer from the Pontificia Universidad Católica del Perú (PUCP). Director of The Crypto Legal Blog, she has experience in corporate advice, consumer protection, as well as in matters of personal data protection and new technologies.


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