Argentina's central bank has maintained its 2022 ban on financial institutions offering cryptocurrency services, rejecting near-term integration of digital assets into the banking and payment system.
Juan Curutchet, Superintendent of Financial and Foreign Exchange Institutions at the Central Bank of Argentina (BCRA), stated at an event organized by the Argentine Payment Chamber that no changes regarding crypto in banking channels would occur in the immediate future. He indicated the issue could be revisited during a potential second presidency, contingent on improved economic conditions.
Curutchet acknowledged that Argentina's current economic standing limited the feasibility of advancing crypto deregulation. "In a country where the perception of vulnerability and fragility has decreased significantly, more than today, and with full economic freedom, these are issues on which progress must be made," he said, noting that present economic fragility prevented faster progress.
The decision contradicts reports of leaked draft regulations that suggested banks might be permitted to offer crypto services. The ban's continuation depends on the state of the economy ahead of upcoming presidential elections.
Despite the regulatory constraint, banking groups are developing stablecoin projects through separate entities to work within the current prohibitions. These initiatives focus on programmable money features for institutional use, including treasury management, conditional payments based on on-chain events, and collateralized credit management.
Argentina remains the second-largest cryptocurrency hub in Latin America, having received over $88.5 billion in crypto value during the 12 months ending June 30, according to Chainalysis data.
