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The Central Bank of Argentina prohibits banks from operating with cryptocurrencies

“Financial entities may not carry out or facilitate their clients to carry out operations with digital assets, including crypto assets and those whose yields are determined based on the variations that they register, that are not regulated by a national authority and authorized by the Central Bank of the Argentine Republic”, reported the monetary authority.

The measure was arranged by the board of directors of the Central Bank after Banco Galicia, one of the largest private banks in Argentina, announced last Monday that it would give its clients the option of operating with cryptocurrencies, becoming the first bank to offer this service in the South American country.

The Central Bank argued that, with the measure adopted this Thursday, “it seeks to mitigate the risks associated with operations with these assets” that could be generated both for users of financial services and for the financial system as a whole.

The monetary authority recalled that the activity of financial entities operating in Argentina “must be aimed at financing investment, production, marketing, consumption of goods and services required by both domestic demand and export.”

In addition, he warned that the different actors involved in operations with digital assets may not be established in the country, which “could generate deviations from the general regulations” in force in Argentina.

Already in May 2021, both the Central Bank and the National Securities Commission (CNV, market regulator) of Argentina had issued an alert about the possible risks that crypto assets may entail.

The entrance The Central Bank of Argentina prohibits banks from operating with cryptocurrencies was first published in diary TODAY.

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