Argentina is cracking down on local Bitcoin trading

Argentina’s government is cracking down on crypto trading in the country in order to stamp out money laundering and other illegal activity. But the country’s latest measures against Bitcoin and other cryptocurrencies may, in fact, have more to do with an attempt to prevent further devaluation of its national currency, the peso, according to observers.

According to a report from Argentine newspaper El Cronista, the country’s Financial Information Unit (FIU), a government agency that monitors compliance with anti-money laundering laws, is seeking tighter controls on cryptocurrency trading.

“Recently, we have seen an increase in operations carried out through virtual assets,” FIU President Carlos Alberto Cruz said in a statement last week. These transactions “could be carried out by people who intend to circumvent international standards and avoid the [anti-money laundering] framework,” he said.

The FIU said it aims to gather more information on individuals and entities…