The Central Bank of the Argentine Republic (BCRA) has banned local credit institutions from offering services related to digital assets to customers. The regulator’s restriction also applies to cryptocurrency derivatives.
The statement reads:
“The measure, appointed by the BCRA Board of Directors, is aimed at reducing the risks associated with operations with these assets. They entail risks for users and the financial system as a whole.”
In May 2021, the central bank and the National Securities Commission of Argentina warned citizens about the possible consequences of using cryptocurrencies. Regulators have recently defined it as “a digital representation of value or rights that is transferred and stored electronically using a blockchain or other similar technology.”
Banco Galicia, one of the largest banks in Argentina, has previously opened access to cryptocurrencies for customers. Users have the opportunity to purchase Bitcoin, Ethereum, XRP and USDC.
