Argentina may tighten control over bitcoin trading

Argentina's Financial Intelligence Unit pushes for tighter controls on Bitcoin tradingas part of the fight against “parallel exchange markets” that threaten the Argentine peso.

According to a publication by local publication El Cronista,The country's Financial Intelligence Unit (FIU), a government agency that monitors anti-money laundering laws, is seeking to tighten controls on cryptocurrency trading.

“Recently, we have seen an increase in volumeoperations in digital asset markets, ”said Carlos Alberto Cruz, head of FIU. “These transactions can be committed by people who intend to circumvent international standards and avoid compliance with anti-money laundering rules.”

FIU plans to gather more information aboutindividuals and legal entities involved in operations with crypto assets. The agency also ordered many institutions, from banks and credit card companies to exchanges and mutual investment funds, to report suspicious activity.

Logistics companies, stockbrokers, non-governmental organizations, art galleries and sports leagues will be subject to more scrutiny by the FIU.

As noted in the publication, FIU begins to moreclosely monitor the cryptocurrency industry as part of the fight against "parallel exchange markets." Argentine citizens are actively selling pesos for more stable foreign currencies in an attempt to preserve their savings and save them from inflation.

As the founder explained on the social network TwitterBuenos Aires Bitcoin Center Franco Amati, the Argentine government is trying to stop the practice of citizens buying Bitcoins with Argentine pesos and converting these BTC into US dollars on foreign exchanges.

Mexican lawyer and investor Micky SierraSierra also warned that the situation could become dangerous for cryptocurrency traders in Argentina if the FIU begins to seek the confiscation of cryptocurrencies that it believes are involved in illegal activities.

Last month, analytics firm Arcane Research reported that interest in buying Bitcoin with Argentine pesos on the LocalBitcoins platform had increased due to a possible default in the country.

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