Argentina’s Central Bank has suspended crypto payments in an effort to avoid exposure of the country’s payment system to digital assets.
The moves of countries on crypto continue to shape the future of the industry. El Salvador’s making Bitcoin the official currency and the European Union’s MiCa regulations are considered to be important events of recent times. Argentina, on the other hand, has made a new move in crypto to protect the order of payment providers in the country.
Argentina Central Bank Draws Attention With Crypto Move
Due to the economic situation in the country, Argentina, which was wondering about its moves on crypto, came to the agenda with a new move. The Central Bank of Argentina has made its crypto decision covering all payment service providers in the country. In the decision from the country’s monetary authority, it was announced that payment systems should be freed from digital assets.
Making a statement on the subject, the Central Bank of Argentina stated that institutions providing payment services cannot transact with cryptocurrencies and other digital assets. This decision from the country’s central bank has drawn criticism from the local crypto ecosystem.
Argentina’s fintech chamber said this decision restricts access to technology that benefits society. Also, cryptocurrencies are not yet regulated in Argentina.
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