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Argentina's Central Bank Blocks Financial Institutions from Offering Crypto Services
Summary: The Central Bank of the Argentine Republic (BCRA) announced Thursday afternoon that it has barred banks in the country from facilitating for clients the use of crypto assets. The BCRA statement says banks are prohibited from offering services for any digital assets not regulated by the central bank. “The measure ordered by the BCRA's board ...
The Central Bank of the Argentine Republic (BCRA) announced Thursday afternoon that it has barred banks in the country from facilitating for clients the use of crypto assets. The BCRA statement says banks are prohibited from offering services for any digital assets not regulated by the central bank.
“The measure ordered by the BCRA's board of directors seeks to mitigate the risks associated with transactions with these assets that could be generated for users of financial services and for the financial system as a whole,” the statement said.
Argentina's central bank defines digital assets as "a digital representation of value or rights that are transferred and stored electronically using Distributed Ledger Technology (DLT) or other similar technology.”
The announcement comes just days after Banco Galicia, the largest Argentinian private bank by market value, added the option to buy and sell cryptocurrencies on its platform. Also this week, domestic digital bank Brubank began offering similar services.
By Amy Liu
Tags: Argentina,Bank,Crypto
Link: Argentina's Central Bank Blocks Financial Institutions from Offering Crypto Services [Copy]
