The Central Bank of Argentina has dropped the hammer on financial payment services, barring them from offering crypto transactions as part of an effort to limit digital assets’ exposure to the nation’s payment system. This restriction encompasses fintech companies and financial firms alike, substantially reducing the country’s crypto transaction capabilities.
In a statement, the Bank of Argentina points out that payment service providers cannot offer crypto services on their platforms or apps, adding that anyone interested in crypto transactions “must carry out the operations on their own.” With the fintech chamber of Argentina opposing the decision and pushing for its reversal, the country’s dynamic stance on crypto continues to evolve amidst an ongoing economic crisis.
The move isn’t a major surprise, though. Argentina has made several types of bans on how it’s citizens can use or purchase the U.S. Dollar in the past. 📖