The Central Bank of the Republic of Argentina (BCRA) announced that it has banned banks in the country from facilitating their customers’ use of cryptocurrencies.
BCRA’s announcement reveals that banks are prohibited from providing services for any digital assets that are not regulated by the central bank. Since there is no digital asset regulated by the BCRA so far, this means a de facto ban.
In the statement made by BCRA, it was stated that this decision aims to reduce the risks that may be created for the financial system.
The central bank’s announcement comes just days after Argentina-based private bank Banco Galicia introduced a cryptocurrency trading option to its platform. Likewise, Argentina-based Brubank started to offer similar services to its customers.
Argentina and the International Monetary Fund (IMF) approved a $45 billion debt package in March that includes a provision to deter the use of cryptocurrencies.
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