The Central Bank of Argentina in an unofficial report reportedly asked local banks to scrutinize customers who hold Bitcoin and cryptocurrencies, Not only those involved in using such digital assets in business or trading activities also include the target group.
All local banks are required to submit information about clients who conduct transactions using crypto. In the notes this report informs those who have accounts to hold crypto, announce crypto asset holdings, make crypto purchases and sales or manage crypto will be monitored.
Bank officials say the move is part of an evaluation process in which the central bank decides to decide whether there should be more regulations for the crypto market or not.
From a different angle, the move was announced at a time when Argentina is experiencing massive inflation and facing a currency crisis after the failure of the national bank. More surprisingly banks are acting to catch up with people who use crypto in the midst of such situations.
Argentina’s inflation is currently at 36.1%, which is at least lower than 53.8% in 2019. Previously the cryptocurrency was strictly banned in the country i.e. in May 2020 but it started to loosen over time.
