Argentina restricts cryptoindustry
Unfortunately, the obvious advantages of the Blockchain and the advantages of the cryptoindustry are not clear to everyone. And there is nothing wrong with skeptics. Still, anyone is entitled to an alternative point of view. Nevertheless, it is much more frightening when civil servants take a radically negative position. It is in this vein that representatives of the financial structures of Argentina spoke about the Blockchain. Experts have implemented new restrictions for all digital platforms that process money transfers. We’ll look at these innovations next. So, without further ado, let’s get started.
Who is behind the passing of the laws?
First, let’s look at the wording itself and those who proposed new rules for interacting with digital currencies in Argentina. According to a statement from the Argentine Government Revenue Agency (AFIP), digital exchanges must now disclose the actions of their users. The law affects every currency platform that interacts with cryptocurrencies in Argentina. Thus, each exchange must provide a monthly report on all transactions made by users of the platform. It is noteworthy that the submission of the first reports should take place in a month. Consequently, all cryptocurrency transactions for the next 30 days carried out in Argentina will be transferred to the authorities.
You don’t need to be an expert to understand the full pernicious power of this law. It’s not just about violating user privacy. The problem is that such restrictions will alienate serious market partners from the crypto industry. It is possible that large enterprises in Argentina will move away from digital. Precisely because the government views this means of calculation in a negative way. And you yourself understand the negative consequences of the departure of potential partners from the Blockchain. But why exactly Argentina came up with such radical laws? What contributed to this position in the region? We will talk about this in the next section.
What explains the position of Argentina?
It’s pretty simple. The reason is the increased interest in the cryptoindustry, Blockchain and monetary transactions in the country. In recent years, digital platform activity has risen to record highs. And that’s not counting the interest of ordinary users of the World Wide Web. Indeed, in January 2021, the search query “Bitcoin” became even more popular than in 2017. When we all saw a colossal, unprecedented rise in the first currency. And no wonder that in such a situation the issue of state regulation has become especially acute. That is why the representatives of the relevant structures began to develop their own regulations. Back in 2020. It took a lot of time to prepare all the subtleties and correct the documentation. However, each platform is now required to comply with the new laws.
That is why we strongly advise you to work carefully in the current conditions. Our Argentine readers are encouraged to use digital platforms with the utmost care. And we hasten to warn the rest of the audience that a similar situation may develop in other states. After all, Argentina is a fairly large country, an example of which skeptical powers can follow. This is why it is extremely important to follow the crypto industry news and stay up to date with the latest developments in the world of Blockchain. To have an idea of everything that is happening in this area – read our news articles. We publish only high-quality, interesting material. Thanks for attention. Good luck!