Argentina's Central Bank Bans Financial Institutions From Offering Crypto

[Mic Drop]

Argentina's central bank (BCRA) announced today that financial institutions cannot allow their consumers to conduct transactions using digital assets, only days after two Argentine private banks indicated that crypto trading will be available to their customers.

According to the BCRA statement, banks are barred from providing services for any digital assets that are not regulated by the central bank, and because no digital assets are currently regulated, the measure amounts to a de facto ban.

According to the statement,

“The measure ordered by the BCRA's board of directors seeks to mitigate the risks associated with transactions with these assets that could be generated for users of financial services and for the financial system as a whole.”

https://www.coindesk.com/policy/2022/05/05/argentinas-central-bank-bans-lenders-from-offering-crypto-services/