Argentina orders stricter monitoring on local crypto transactions amid battling the flight of devalued pesos
Argentina’s Financial Information Unit (FIU) has ordered stricter controls and monitoring into cryptocurrency transactions in the country to eradicate money laundering and other illicit activities.
Argentina employs stricter policy towards cryptocurrency transactions to prevent money laundering.
The Financial Information Unit of the Argentine Republic has ordered stricter control and monitoring of the country’s cryptocurrency transactions. The Argentine newspaper El Cronista reported that the FUI, the government agency responsible for anti-money laundering law enforcement, is ready to strengthen the regulatory standards for crypto space.
The announcement was made at a time when residents were seeking financial refuge in other currencies, including Bitcoin. To quote the agency:
“In this context, the Financial Information Unit of the Argentine Republic (UIF-Argentina) warns that such operations could be being carried out by people who seek to circumvent international standards and avoid the preventive system of Money Laundering and Terrorism Financing, therefore that, among other actions, calls on the Obliged Subjects to the effects that make their collections extreme regarding actions that could pose a threat to the economic and financial order of our country.”
This observation was supported by Franco Amati, founder of the Buenos Aires Bitcoin Centre, who explained that the authorities make their citizens to buy crypto assets and convert them into cryptocurrency and then into US dollars at foreign sites.
Argentina was one of the first countries to introduce cryptocurrency in South America to counter inflation and to overcome the ban on buying and transferring foreign currency abroad. Although cryptocurrencies in Argentina have always been considered legal, the country officially banned buyers from buying Bitcoin and other cryptos using credit cards since November 2019.
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