Argentina’s IMF debt-refinancing plan includes ban on cryptocurrencies

Argentina’s parliament approved the debt-refinancing plan with the International Monetary Fund (IMF) for $45 billion. The institution’s proposal includes a ban on the use of cryptocurrencies within the country.

The Congress enacted into law the Government’s agreement with the IMF that will allow the country to refinance the record debt of 2018, avoiding destabilising the economy.

The result and the process are a firm step forward in the development of our Republic. pic.twitter.com/Wb6koG1Trb

— Martín Guzmán (@Martin_M_Guzman) March 18, 2022

On March 3, the IMF said it had reached an agreement with Argentine authorities regarding debt restructuring. The IMF statement published by the institution includes the item ‘Strengthening financial resilience’.

‘To further ensure financial stability, we are taking important measures aimed at countering the use of cryptocurrencies to prevent money laundering, disintermediation and informal activity,’ the statement said.

It is unclear what exactly this provision means. To clarify the situation, the nonprofit ONG Bitcoin Argentina sent Minister of Economy Martín Guzmán a request for detailed information.

In particular, they asked him to provide data regarding the assessment of digital assets and their potential links to money-laundering operations in the context of the IMF agreements.

In September 2021, the Central Bank of Argentina pointed to the use of cryptocurrencies to circumvent currency controls.

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