Argentine regulator bans banks from dealing with cryptocurrencies

The Argentine Central Bank (BCRA) issued a ban on banking institutions to provide services that are somehow related to cryptocurrencies or their derivatives. The decision was made by the board of directors of the company.

According to the BCRA management, this decision will reduce the risks that the use of cryptocurrencies brings with it. Moreover, we are talking not only about risks for individual users, but also for the entire financial system of the country as a whole.



As you can see, not all countries in Latin America are adopting cryptocurrencies productively. In Argentina, cryptocurrency controls tightened in May 2021 when regulators warned users of the risks.

A year later, the situation has not changed. Largely due to pressure from the IMF, which requires a ban on the circulation of digital assets in the country until the refinancing of Argentina's public debt.

Due to pressure from external financial regulators, users of many Argentine banks that have started using crypto services will be at a disadvantage. For example, customers of Brubank and Banco Galicia, who recently gained the ability to buy multiple cryptocurrencies and stablecoins.

A new word in the environment of cryptocurrency exchanges is the Qmall platform.

CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources . Cryptocurrency is a high-risk asset, investing in it can lead to losses. Readers should do their own research before taking any action.

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