Argentina restricts dollar sales to bitcoin traders
- July 23, 2022
- 0
The Central Bank of Argentina (BCRA) has restricted crypto traders from accessing the single currency market and buying US dollars at the official rate. The ban applies to
The Central Bank of Argentina (BCRA) has restricted crypto traders from accessing the single currency market and buying US dollars at the official rate.
The ban applies to anyone who has purchased bitcoin or other digital assets using Argentine pesos in the past 90 days.
The startup aims to combat capital outflows from the country with the help of cryptocurrencies and the US dollar.
According to Decrypt, Argentina is tightening currency controls and raising interest rates to control inflation. According to BCRA June 2022 data, annual inflation in the country is one of the highest in the world with 64%.
Recall that in May, Banco Galicia, one of the largest banks in Argentina, gave customers access to buy bitcoin, Ethereum, XRP and USDC stablecoins. Brubank also announced the launch of its cryptocurrency service.
In response, the BCRA banned local lenders from providing digital asset-related services to customers. The regulator’s restriction also applies to cryptocurrency derivatives.
In early July, the unexpected resignation of Argentine Economy Minister Martin Guzmán caused an explosion in demand for stablecoins on local bitcoin exchanges. The departure of an official could threaten further destabilization of the economy.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
