Restrict the purchase of bitcoins in Argentina

The Central Bank of Argentina has recently issued a communication It directly affects trade and transactions with cryptocurrencies or crypto assets.

This statement states that «The financial institutions and other local card issuers must have the prior approval of the Central Bank to access the foreign exchange market to make payments abroad for the use of credit, debit or prepaid cards issued in the country as of 01.11.19» (highlighted is ours), applying this restriction to:

a) participation in games of chance and bets of different types and / or,

b) the transfer of funds to accounts in Payment Service Providers and / or,

c) the transfer of funds to investment accounts in investment managers located abroad and / or,

d) the carrying out of foreign exchange operations and / or,

e) the acquisition of crypto assets in their different modalities.

This provision of the Central Bank is complementary to the new exchange control parameters that were imposed since last Monday in order to safeguard the level of international reserves, said the head of the monetary authority, Guido Sandleris.

With these actions, the government would be trying to eliminate the possible ways through which the Argentine public can avoid exchange control. One of these is through the transfer of cryptocurrencies or crypto assets, with bitcoins being in high demand by Argentines as a safeguard of value.

Taking into consideration that several exchange houses or cryptoactive exchanges in Argentina Accept payments with cards (debit or credit), it is possible to conclude that this effort to limit the flight of foreign currency has a great impact on the sale of cryptocurrencies in the country of silver, especially bitcoin.

In this sense, Argentine users would be forced to have to acquire their crypto assets with cash or bank transfers with Argentine pesos.

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