Argentine Government’s Strong Measures To Eradicate Crypto Trading
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Argentine Government’s Strong Measures To Eradicate Crypto Trading

May 26, 2020      Jyoti Singh

The government of Argentina has been taking some stern measures on crypto trading to eradicate money laundering and other illegal activities from the country.

According to some analysts, apart from eradicating the illegal activities, the latest measures would help the country in preventing its national currency Peso from further going down in value.

Financial Information Unit Measures

A report by El Cronista, Argentina’s newspaper, mentioned that the Financial Information Unit (FIU) which is a government agency for a monitoring agreement with anti-money laundering laws, has been looking for some strong measures for crypto trading.

A week ago, Carlos Alberto Cruz, the President of FIU, has said that in recent time the operations of the virtual asset have increased in the country. He further said, “These transactions could be carried out by people who intend to circumvent international standards and avoid the [anti-money laundering] framework”.

The agency has stated that its aim is to gather more information about the individual or the entities that are involved in crypto trading. The FIU further mentioned that it has ordered many banks, credit card companies to exchanges and mutual funds that if they find any suspicious activity on their platform then they would have to report the agency.

The FIU would further analyse some other entities like mail and shipping firms, stockbrokers, NGOs and also the art galleries.

Argentine Citizens Converting Peso Into US Dollars

El Cronista has notified that currently, the government is already battling with the parallel exchange markets because most of the Argentine citizens dispose of their Peso on that platform for more stable, foreign currencies and in the midst of this FIU released the order.

The founder of Buenos Aires Bitcoin Center, Franco Amati, recently tweeted that the government of Argentina has been trying to stop its citizens from buying Bitcoin with Peso, because after purchasing it, the citizens convert that Bitcoin into the US dollars on other foreign exchanges.

The trading volume of Bitcoin in Argentina has been increasing in the country at the same speed its economy is coming down. As the year 2020 started, Bitcoin trading experienced a significant spike on several P2P exchanges.

Articles You May Read.

READ  Cryptocurrency Trading Pioneer Rena Yared Exits Goldman Sachs
#Buenos Aires Bitcoin Center #Carlos Alberto Cruz #Crypto Trading #El Cronista #Financial Information Unit (FIU) #Franco Amati #Government of Argentina #Peso #The President of FIU
Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.