2023-05-10 08:04:47
Argentina’s central bank has called on the country’s payment service providers to suspend support for crypto-assets.
Banco Central De La Republica Argentina (BCRA) is one in his new announcement it says that payment service providers are prohibited from carrying out transactions related to cryptocurrencies.
“Payment service providers offering payment accounts may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic”.
The move by Argentina’s central bank to prevent payment apps from offering crypto services follows further rapid devaluation of the country’s currency.
The plunge of the Argentine peso is unstoppable, inflation is 104% and there is no way out of the crisis. Bitcoin (BTC) is currently at an all-time high against the Argentine peso.
According to the central bank, with the ban, it wants to minimize the risks associated with the use of cryptocurrency for citizens.
“The measure ordered by the BCRA aims to reduce the risks that operations with such instruments can generate for users of financial services and the national payment system.”
As we wrote about earlier, every second Argentine lives below the poverty line due to the faulty policy. Protectionism, over-regulated labor market, as a result of which it is not worth hiring new people, or state-regulated prices. And no change is expected this year, because elections are coming, and the current leadership is only focusing on short-term symptomatic treatment, not thinking long-term. People, on the other hand, try to adapt. Many people save in US dollars, others try to buy cryptocurrencies so that their savings are not lost.
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