The Central Bank once again planted its position regarding the rise of cryptocurrencies in the country.
After its weekly board meeting, the body chaired by Miguel Pesce
came out to limit the supply of this type of asset through virtual wallets
, in a measure that, according to what they say, seeks to "match" the rules that these players have with the rest. of financial institutions.
"Payment service providers that offer payment accounts (PSPCP)
may not carry out or facilitate operations with digital assets, including crypto assets
, that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic (BCRA)", reported the Central.
There are more than
100 digital wallets
that were registered with the Central Bank as (PSPCP) payment service providers that offer payment accounts.
And within this universe, only a handful currently offer the service of buying and selling cryptocurrencies.
Among them, players like Ualá,
"The regulations, therefore, prevent PSPCPs from carrying out this type of operation themselves or offering to initiate them from their applications or web platforms," the Central detailed.
"By offering or facilitating is understood the availability of automated purchase buttons for the user.
Interested persons must carry out the operation on their own
," explained the agency's official communication.
It is not the first time that the Central has ruled against cryptocurrencies.
Exactly one year ago, the agency forced a bank to back down with the option that allowed its customers to buy and sell cryptocurrencies from its app, something that caused quite a stir in the crypto world.
"The measure ordered by the BCRA seeks to mitigate the risks that operations with these assets could generate for users of financial services and the national payment system," the agency justified this time.
"In May 2021, the Central Bank and the National Securities Commission (CNV) published an alert in order to provide information on possible implications and risks that cryptoactives may entail, as well as recommend a prudent attitude in order to mitigate a possible source of vulnerability for users and investors", recalled the Central.
The announcement caused an impact in the sector.
"The measure is surprising and without consultation. It is not understood what objective the BCRA is seeking by prohibiting an activity that today is entirely satisfactory and useful for the clients of local exchanges," they said in the NGO Bitcoin Argentina.
"This will have an immediate effect, making it difficult for Argentine workers and savers to access alternative forms of savings that protect them from inflation, and that do not generate any cost to the BCRA. On the other hand, these types of measures promote informality, where risks and costs are much higher for the saver," they said.
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