He Central Bank of Argentina ordered this Thursday that the service providers of digital payment may not carry out or facilitate operations with cryptoassets.
The board of directors of the entity resolved that the companies fintech considered payment service providers offering payment accounts (PSPCP) “They will not be able to carry out or facilitate operations with digital assets for their clients”reported the Central Bank in a statement.
This includes “Crypto assets that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic.”
“The regulations, therefore, prevent PSPCPs from carrying out these types of operations themselves or offering to initiate them from their applications or web platforms”indicated the monetary authority.
The Central Bank claimed that the measure “seeks to mitigate the risks that operations with these assets could generate for users of financial services and the national payment system” and “equates the rules that PSPCPs and financial institutions must comply with”.
In May 2021, the Central Bank and the National Securities Commission (CNV, market regulator in Argentina) published an alert on possible risks that crypto assets may entail.
The decision adopted this Thursday was rejected by the NGO Bitcoin Argentina, which crossed out the measure of “surprising and inconsulting”.
“It is not understood what objective the Central Bank is seeking by prohibiting an activity that today is entirely satisfactory and useful for the clients of the local ‘exchanges'”, This civil association, which promotes the cryptocurrency and blockchain ecosystem, stated in a statement.
NGO Bitcoin Argentina warned that the measure will have as “immediate effect hindering the access of Argentine workers and savers to alternative forms of savings that protect them from inflation, and that do not generate any cost to the Central Bank.”
He added that “These types of measures promote informality, where the risks and costs are much greater for the saver.”
Source: EFE
Source: Gestion
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