On April 2, 2021, news of the Central Bank of Argentina (BCRA for short) asking for information on cryptocurrency users from local banks went viral. It was, without a doubt, a controversial move.
Victor Castillejo, an Argentinian lawyer, decided to file a class-action complaint to overturn the ruling. He stated that the request for information violates the constitutionally-protected human rights, intimacy and privacy of those who are involved in the crypto transactions.
He remarked in the complaint that BCRA’s request for crypto users data is unsanctioned, bringing up the Personal Data Protection Law 25,326 (PDPL) to further support his point.
“The BCRA does not have the power to compile a list of these characteristics, and if it does, that power does not allow it to avoid the obligations regarding the protection of personal data provided by Law 25,326 and Regulatory Decree 1558/2001.”
Victor Castillejo
As for BCRA’s side of the story, it stated that the purpose of the data collection is to evaluate whether the crypto market requires bigger regulation or not. The central bank added that they have the “functions of supervising” domestic payment systems. However, BCRA’s measure was met with mixed reception by the experts that the central bank consulted.
