The latest crypto ban comes amid ongoing hyperinflation in Argentina. In March, prices in the country skyrocketed by over 104%.
On May 4, Argentina's central bank banned payment providers from offering crypto transactions, alleging it intends to reduce the country's payment-system exposure to digital assets.to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the same rules in the country.
"Payment service providers that offer payment accounts [...] may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic," said the authority. Cryptocurrencies are not regulated in Argentina, which means all coins and tokens are subject to the decision.that payment providers refused to comment on the decision.
Invitamos al BCRA a revisar esta medida y a trabajar en conjunto con la Cámara Argentina Fintech y otros actores relevantes del sistema para establecer un marco que permita el desarrollo responsable y sostenible de la industria cripto en Argentina.
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