El BCRA prohibió a los bancos de Argentina ofrecer servicios de Bitcoin y otras criptomonedas. La medida surge poco después de que Brubank y Banco Galicia start trading cryptoassets.
The Central Bank of Argentina (BCRA) has issued a communiqué in which prohibits financial institutions operating in the South American country to offer their customers services with cryptocurrencies.
The banks “ may not carry out or facilitate their clients in carrying out transactions in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets including crypto-assets and those whose yields are determined according to the variations they register, which are not regulated regulation is when something is controlled by a specific set of rules. by a national authority and authorized by the Central Bank of the Argentine Republic (BCRA). “, reads a notice published on May 5.
The monetary authority argued in the communiqué that the measure “. seeks to mitigate the risks associated with the operations with these assets that could be generated for the users of financial services and for the financial system as a whole. “.
The central bank went on to remind that the activities of financial institutions operating in Argentina must be oriented “…”. to finance investment, production, marketing, consumption of goods and services required by both domestic demand and exports “.
It further cautioned that the various actors involved in digital asset transactions may not be established in the country, which “ could lead to deviations from the general regulations “in force in Argentina.
Two banks had already started
The measure imposed by the BCRA board comes just a few days after Brubank y Banco Galicia the country’s largest private bank, will begin offering cryptocurrency trading.
As reported by DiarioBitcoin On Monday, several reports noted that the mobile application of the Banco Galicia there was incorporated a new function called ” Cryptos “ which allowed the bank’s customers to buy, sell and hold various cryptocurrencies. At the time, the official Twitter de Banco Galicia confirmed the new service.
The private entity officially announced the news shortly after the rumors in a statement. According to the media Infobae the company said that the integration of digital currencies came about as a result of growing customer demand.
“ We conducted a survey to our clients and more than 60% want to incorporate these assets in their investment portfolio, being the younger public the one that demands them the most. Taking the data as a basis and that the core of our decisions is based on the experience and needs of our clients, this motivated us to promote this project. “, explicaron Ariel Sanchez, Gerente de Productos de Inversión y Nicolás de Giovanni, Product Manager de Banco Galicia The media quoted him as saying.
The 100% digital bank, Brubank, had also added a similar cryptocurrency trading service on its mobile app called “ Inversiones “. A report earlier in the week suggested that both institutions partnered with Lirium a Liechtenstein-based crypto solution, to start offering brokerage and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services for digital assets.
The move made both banks the first in Argentina to enable operations with Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and other cryptocurrencies.
BCRA echa to back Bitcoin supply
However, following the BCRA’s official statement, both pioneering banks have had to opt to suspend their new cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. offerings. In a response to a user’s query, Banco Galicia confirmed on Twitter that he has indefinitely suspended its cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading service in the face of the monetary authority’s statement.
Hola, @marco54298231 . We regret to inform you that due to the Central Bank Communication A 7506 we had to discontinue the purchase of Cryptos. Benjamin.
– Banco Galicia (@BancoGalicia) May 6, 2022
In an earlier statement, Argentina’s banking giant had stressed that it expected an “ regulations “The BCRA official to analyze the situation in more detail. He had also assured the general public that “ no client a client is software that can access and process blockchain transactions on a local computer. A common application of this is a cryptocurrency software wallet. who has traded cryptoassets at Banco Galicia will lose [their] money ”.
According to The Nation banks would have taken advantage of a sort of “. grey zone “The most recent resolution of the BCRA means that both institutions will no longer be able to offer cryptocurrencies. The most recent BCRA resolution means that both institutions will no longer be able to offer the service.
By May 2021, the country’s monetary authority will have already had published together with the National Securities Commission (CNV) an alert on the “. possible implications and risks that crypto-asset transactions may entail. “. The BCRA, which recalled about that notice in its statement this week, mentioned at the time the “. high volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. “of the asset class and the “ money laundering and terrorist financing risks “as well as the “ potential non-compliance with foreign exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. regulations “.
He had also recommended then “ a prudent attitude in order to mitigate a potential source of vulnerability for users and investors ”.
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Article by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva