The Argentine Central Bank’s idea of requesting local banks to provide information about customers handling cryptocurrencies has caused controversy in the local industry. A new chapter in this story was written because local lawyers filed a class action lawsuit with the national court to overturn the ruling.
Lawyers say that the Central Bank of Argentina “infringes” the right to privacy
According to the Argentine lawyer Victor Castillejo, the “habeas corpus” complaint filed stated that the decision of the Central Bank of the Argentine Republic (BCRA) to request such data was illegal.
In fact, he claimed that the ruling violated the “privacy, human rights, and constitutional protection” of every individual who wants to transact with cryptocurrencies such as Bitcoin (BTC). Castillejo provided the following comments on the alleged legal wrongdoing of BCRA:
BCRA does not have the right to compile a list of these characteristics, and if it does, that power will make it impossible to exempt it from the obligation to protect personal data under Law No. 25,326 and Decree No. 1558/2001.
The lawyer submitted class action personal protection data to the Argentine National Administrative Litigation No. 10 National Court, which was intended to “require BCRA to eliminate the information collected and/or obligate BCRA to disassociate (not allow identification of individuals)” it The requested data. “
BCRA is asking crypto traders to provide personal data, such as country identification codes
As Bitcoin.com News reported earlier this week, BCRA requires domestic banks to forward to it information about its customers who transact with Bitcoin and perform any other types of encrypted transactions.
The measure aims to assess “whether greater regulatory requirements are needed for the cryptocurrency market”.
Having said that, the Central Bank of Argentina stated that it has the function of “supervising” the domestic payment system to support its decision.
In an email sent to all domestic banks, BCRA asked about the national identification number, home address, and account type of individuals involved in encryption-related transactions.
What is your opinion on the legal complaint filed by an Argentine lawyer? Let us know in the comments section below.
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