Argentina’s central bank steps in to block new crypto offerings from banks
Only four days have passed since two of Argentina’s biggest banks opened up to crypto trading but now the central bank has stepped in to block the offerings. The central bank of Argentina (BCRA) has put the kibosh on financial institutions offering crypto trading only days after two of the country's largest banks signaled they were opening up to digital assets.On May 5 the BCRA said the move was to mitigate the risks crypto poses to users and “to the financial system as a whole” citing crypto’s high volatility, use in money laundering and absence of regulatory safeguards.The news came hot....
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The ban comes just a few days after Argentina’s largest private bank announced it would start offering bitcoin to clients.
The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities. New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex....
The Argentinean Central Bank has joined the ranks of other central banks across the globe to issue a warning on cryptocurrencies. The official statement reads: While this may seem like an echo of warnings released by other central banks, this particular statement can be interpreted from various angles. First, the mention of cryptocurrencies not having “legal tender” status may be a caveat for not only citizens but financial institutions in the country to refrain from using these currencies. On the other side, the Central Bank is promising to study these “virtual coins” and potentially....
In response to surging inflation, Argentina has become an increasingly crypto-friendly country in terms of adoption. Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens' purchasing power.This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge....
The Central Bank of Argentina has taken steps to ban private banks from offering cryptocurrency services to customers in the country. The action comes after two banks had started offering cryptocurrency purchasing services from their apps. The measure is said to be directed at mitigating risks associated with cryptocurrency assets.
Central Bank of Argentina Closes Banking Crypto Offers
The Central Bank of Argentina is tightening its permissive attitude when it comes to the links between cryptocurrency assets and private banks. The institution has issued a document that deals with....