Argentina Demands Bitcoin Exchange Data

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Despite various anti-free market policies discouraging bitcoin use in Argentina, adoption has continued to accelerate in the capital control-stricken country. In the government’s most recent move, the Federal Administration of Public Revenue (AFIP), essentially the Argentinian version of the Internal Revenue Service (IRS), has ordered all cryptocurrency exchanges operating within the country to file comprehensive transaction data on their customers every month, according to a report from local outlet Bae Negocios.

The agency is requiring all exchanges to identify all of their clients, as well as all modifications that occur for all accounts. Paired with this massive information grab, exchanges must report total income as well as final account balances to the AFIP by the fifteenth of every month.

For decades, the people of Argentina have been hit by strict capital controls and dramatic inflation spirals, hampering their ability to preserve capital. Citizens have opted to denominate their wealth in the U.S dollar, the global reserve currency, yet have essentially been stripped of that ability through recent strict government policies.


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