The International Monetary Fund (IMF) agreement on the allocation of financial assistance will oblige the Argentine government to prevent the unregulated use of cryptocurrencies.
The Argentine Senate has approved a $45 billion debt deal with the IMF. Formally, the government document, titled “Strengthening Monetary Resilience,” states:
“To further protect financial stability, we are taking important steps to discourage the use of cryptocurrencies in order to prevent money laundering, informal activity, and disintermediation.”
The funds raised as part of the debt deal should be used to prevent a default in Argentina and will serve to restructure the $57 billion in debt that the country has accumulated since 2018.
According to the Buenos Aires Times, the Argentine Financial Intelligence Unit (UIF) is compiling lists of cryptocurrency service providers and plans to require crypto exchanges and companies that operate crypto assets to provide reports on compliance with the requirements of the anti-money laundering (AML) law.
Source: Bits
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