The central bank has once again pitched its stance 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 via virtual walletsto an extent, which they say tries to “match” the rules these players have with the rest of the financial entities.
“Payment service providers offering payment accounts (PSPCP) They may not execute or facilitate transactions with digital assets, including cryptographic assets, for their clients.which are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic (BCRA),” Central reported.
There is more than 100 digital walletss who have been registered with the Central Bank as payment service providers (PSPCP) offering 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 these types of operations themselves or from offering to initiate them from their applications or web platforms,” explained the Central. “Offer or facilitation means the availability of automated buy buttons to you. Interested persons must carry out the operation on their own“, explained the official communication of the organism.
It is not the first time that the Central has spoken out against cryptocurrencies. Exactly one year ago, the agency forced a bank to roll back the option that allowed its customers to buy and sell cryptocurrencies from its app, which caused quite a stir in the cryptocurrency world.
“The measure ordered by the BCRA aims 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 a notice in order to provide information on the possible implications and risks that cryptocurrencies may entail, as well as recommend a prudent attitude in order to mitigate a possible source of vulnerability for users and investors”, recalled the Centrale.
The announcement had an impact in the industry. “The measure is surprising and without consultation. It is not understood what objective the BCRA is pursuing by banning an activity that is today completely satisfactory and useful for customers 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 which do not generate any costs for the BCRA. On the other hand, this type of measure favors the ‘informality, where the risks and costs are much higher for the saver,” they said.
Source: Clarin
