Argentina’s central bank bars banks from offering crypto-related services to clients

The Central Bank of the Argentine Republic (BCRA) запретил local credit institutions from offering clients services related to digital assets. The regulator’s restriction extends to cryptocurrency derivatives as well.

«The measure, adopted by the BCRA Board of Directors, is aimed at reducing the risks associated with transactions in these assets. They entail risks for users and the financial system as a whole,» the statement said.

In May 2021, the central bank and Argentina’s National Securities Commission предупредили citizens about the potential consequences of using cryptocurrencies. The regulators defined these as “a digital representation of value or rights that is transferred and stored electronically using blockchain or similar technology.”

Earlier, one of Argentina’s largest banks — Banco Galicia — opened up clients’ access to cryptocurrencies. Users were able to purchase Bitcoin, Ethereum, XRP and the stablecoin USDC. 

The local neobank Brubank also announced the launch of a cryptocurrency service.

In the IMF’s debt-restructuring proposal for Argentina, there is a clause implying a ban on the circulation of cryptocurrencies within the country.