Argentina Bans Cryptocurrency Trading Through Domestic Banks

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2022-05-06 13:40:25

The Central Bank of Argentina (BCRA) announced that it has banned banks in the country from facilitating customers to use cryptocurrencies.

Argentina Bans Cryptocurrency Trading Through Domestic Banks

According to the latest report from Bloomberg, the Central Bank of Argentina has banned activities that allow customers to buy cryptocurrencies by banks that are not regulated by the central bank. The ban also covers assets whose profits are determined by the volatility of crypto.

This move comes just days after two big banks in Argentina, Banco Galicia and Brubank, simultaneously launched a cryptocurrency trading feature, giving customers the right to buy popular coins directly. such as Bitcoin (BTC), Ethereum (ETH), XRP, USDC and DAI.

More seriously, a confidential source revealed that the ban will take effect immediately. This means that as of May 6, banks will no longer be able to offer customers the ability to buy and sell cryptocurrencies in Argentina. BCRA states:

“The measure was introduced by the BCRA Board of Directors with a request to reduce the risks associated with cryptocurrency trading in order to provide the safety of users and the entire financial system of the country.”

In fact, Argentinians are adopting cryptocurrencies at a rapid rate as recurring currency crises and annual inflation above 50% erode the value of their savings. Argentina is among the top 10 countries with the highest crypto adoption rate in the world.

In March, the International Monetary Fund (IMF) approved a $45 billion debt package for Argentina that included restrictions on the use of cryptocurrencies. Therefore, it is understandable that the action of the Central Bank of Argentina to extinguish “hope” as the reception wave becomes stronger in this country is completely understandable.

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