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Argentina's central bank blocks crypto adoption by major banks

 


Just after Argentina's two largest banks announced plans to launch retail cryptocurrency trading, the Central Bank of Argentina (BCRA) is now putting the brakes on those plans.


As the BCRA announced on Thursday, it wants to use this measure to protect investors and “the financial system as a whole” from the risks of cryptocurrencies. Above all, the central bank lists the high volatility, the use of crypto for money laundering and the lack of clear legal requirements as the main risks.


The news comes just days after Argentina's two major banks, Banco Galicia and Brubank, announced on Monday that they would soon start trading in major cryptocurrencies Bitcoin ( BTC ), Ethereum ( ETH ), USD Coin ( USDC ) and Ripple ( XRP ) for private investors want to offer.


In the case of Banco Galicia, this decision is largely due to the fact that in a customer survey, 60% of all participants said they wanted easier access to digital currencies.


However, the central bank of Argentina has been critical of crypto for a long time, as the BCRA had already warned of the possible risks of the asset class last May , which were already seen at that time in particular with regard to volatility and money laundering.


Nonetheless, according to the latest figures from Statista, 21% of Argentines own cryptocurrencies, putting the country a proud sixth place in the world in terms of adoption.

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