The Argentine Central Bank (BCRA) has prohibited financial institutions from providing services linked to cryptocurrencies or their derivatives. The company’s board of directors reached the decision.
According to BCRA management, this action would lessen the dangers of cryptocurrency use. Furthermore, we are discussing concerns for individual consumers and the country’s whole financial system.
Obviously, not all nations in Latin America are taking on digital currencies beneficially. In Argentina, digital money controls were fixed in May 2021 when controllers cautioned clients about the dangers.
After a year, the circumstance has not changed. To a great extent, because of tension from the IMF, which requires a prohibition on the dissemination of computerized resources in the country until Argentina’s public obligation renegotiates.
Because of strain from outer monetary controllers, clients of numerous Argentine banks that have begun utilizing crypto administrations will be in a tough spot. For instance, Brubank and Banco Galicia clients, who as of late acquired the capacity to purchase numerous cryptographic forms of money and stablecoins.