The Argentine Central Bank’s idea of soliciting local banks for information about customers dealing with cryptocurrencies is controversial in the local industry. A new chapter in this story has been written after a local attorney filed a class action lawsuit in a national court to overturn such a decision.
The move by the Argentine central bank “violates” data protection rights, says the lawyer
In fact, he claims that the ruling violates the “privacy, human rights, constitutionally protected” of any individual who wants to trade in cryptos like Bitcoin (Bitcoin) (BTC). Castillejo comments on the BCRA’s alleged violation of law:
The BCRA does not have the authority to compile a list of these characteristics and, if it does, this authority cannot circumvent the obligations to protect personal data provided for by Law 25 326 and Regulatory Decree 1558/2001.
The lawyer handed them Class action habeas data before the National Administrative Disputes Tribunal No. 10 in Argentina seeking “to require the BCRA to remove the information it has collected and / or, if it does not, to separate (not identify) the data it has requested. “
BCRA requests personal data such as national identification numbers from crypto traders
As Bitcoin.com News reported earlier this week, the BCRA asked domestic banks to provide them with information about their customers involved in Bitcoin and other types of crypto transactions.
The measure aims to assess whether or not the crypto market “should be required for even broader regulation”.
The Argentine central bank, however, backs up its decision by saying that it has the function of overseeing domestic payment systems.
In the email sent to all domestic banks, the BCRA asks for the national identification numbers, home address and account types of the people involved in crypto-related transactions.
What do you think of the lawsuit filed by the Argentine attorney? Let us know in the comments below.
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