Central Bank of Argentina will control the purchase and sale of cryptocurrencies
Customers interested can only buy bitcoins by bank transfer and not by credit card, since as of November 1st, operations are subject to the control and limit of foreign currency
In a statement at the end of operations for October 30, the Central Bank of the Argentine Republic (CBAR) announced that the “cepo” control measures were extended to cryptocurrencies. This means that the purchase and sale of bitcoins and other digital assets will be under the foreign currency control system.
From the agency they informed that from November 1st it will not be possible to acquire or carry out transactions with cryptocurrencies by credit card, since they are subject to bank transfer.
The statement “A” 6823 of the CBAR issued on the afternoon of October 31 stipulates: “The financial institutions and other local card issuers must have the prior approval of the Central Bank to access the exchange market and make payments abroad for the use of credit, debit or prepaid cards issued in the country, when such payments originate, directly or indirectly through the use of international payment networks.”
It also specify the operations under restrictions: gambling and betting of different types, transfer of funds to accounts in Payment Service Providers, transfer of funds to investment accounts in investment managers located abroad, exchange operations abroad and the acquisition of crypto assets.
The resolution of the CBAR also restricts the extractions of dollars (cash advances) by credit card abroad and sets the limit at USD 50 per transaction.
In few words, the Argentine agency’s resolution establishes that citizens can only buy bitcoins and other cryptocurrencies “with funds transferred from a bank account“.