Argentina's Central Bank to Pause Crypto Integration in Banking and Payments for the Next Two Years

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Argentina’s Central Bank will halt all efforts to integrate cryptocurrency and digital assets into banking and payments for the next two years, according to Odaily. The 2022 ban on crypto services by financial institutions remains in effect, with BCRA’s Juan Curutchet citing Argentina’s fragile economic condition as a key reason. Any reversal will depend on improved liquidity and stabilization of crypto markets. Despite the ban, banks are advancing CFT-compliant stablecoin projects through separate entities. Over the past 12 months through June 30, Argentina’s crypto transaction volume exceeded $88.5 billion, ranking it second in Latin America.

Odaily Planet Daily reports that Juan Curutchet, Head of Financial and Foreign Exchange Regulation at Argentina’s Central Bank (BCRA), stated that there will be no push to integrate cryptocurrencies and digital assets into banking and payment channels over the next two years. The ban on cryptocurrency services for financial institutions, introduced in 2022, will remain in effect.

Juan Curutchet noted that Argentina’s current economic vulnerability is insufficient to support the implementation of related measures; whether the ban is lifted in the future depends on economic conditions, and this issue may be discussed during Milei’s second term.

Despite the ongoing ban, Argentine banking groups are advancing an institutional stablecoin project through independent entities for programmable money, treasury management, on-chain event-triggered payments, and collateralized credit management.

Over the 12 months ending June 30, cryptocurrency trading in Argentina exceeded $88.5 billion, making it the second-largest cryptocurrency hub in Latin America. (Bitcoin.com News)

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