Central Bank of Argentina restricts banks from offering crypto services
The Central Bank of Argentina (BCRA) has shown a tough stance toward digital assets by stepping in to block new crypto offerings by the banks.
Argentina stops banks from facilitating crypto services
The Central Bank of Argentina aims to minimize the underlying risks that crypto possesses to investors and "to the financial system as a whole" and cited concerns like money laundering, high volatility, and lack of clear regulations. It says:"Financial entities may not carry out or facilitate their clients to carry out operations with digital assets, including crypto assets and those whose yields are determined based on the variations that they register, that is not regulated by the national authority and authorized by the Bank."Notably, the move comes only within two days after the nation's two of the largest banks hinted at their plans on crypto-assets offerings. On Monday, the leading banks Banco Galicia and Brubank announced that they are planning to allow their customers to buy Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and USD Coin (USDC) from their platforms.
A poll conducted by Banco Galicia determined that 60 % of respondents requested easier access to cryptocurrencies, prompting the decision to introduce crypto trading.
Rising adoption, rising concerns
As per the data by Argentina's statistics department, INDEC, inflation increased by 6.7% in March, the highest rate in 20 years. This makes inflation the most significant factor for Argentinians to turn toward crypto. Statista reports that 21% of respondents in Argentina owned or used cryptocurrency in 2021, making it the world's sixth-highest rate of adoption.On the other hand, the central bank has long been skeptical about cryptocurrency, issuing a public warning about the risks in May of last year, citing concerns about volatility and money laundering.
The central bank's stance contradicts that of the mayor of Sorradino, in Argentina's Santa Fe Province. The town may begin crypto mining activities to collect revenue for its rail infrastructure renovation, for which it has already purchased six graphics cards.
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