Argentine officials will collect info about crypto holders

by in Cryptocurrency News


Amid the acute financial crisis in Argentina, investments in cryptocurrencies are growing.

Argentina is currently on the list of Latin American countries leading in terms of Bitcoin purchases through the LocalBitcoins platform.

The local peso currency is rapidly losing market position, and people are rushing en masse into digital assets. This situation is of concern to Argentine officials. As the news outlet El Cronista clarifies, the country's Financial Investigation Department has begun collecting information about all cryptocurrency holders.

The ministry emphasized that, in this way, the state wants to keep records of individuals and legal entities that commit bitcoin transactions within the jurisdiction of Argentina.

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Management Press Center added: "We are witnessing an increase in the number of transactions with virtual assets. Such operations could be carried out by people who sought to circumvent international standards for combating money laundering."

According to experts, the authorities tighten control over crypto traders to reduce the scale of capital outflows from the country. Besides, there is a struggle with the stock market, which allows people to purchase more stable foreign currencies.

Among bitcoin investors, there were fears, that soon the country's authorities would begin to seize crypto. Such a policy will only increase the outflow of capital and worsen the financial situation of Argentina.