Fintech companies in Argentina will be regulated by the Central Bank

Agency officials finalize details for what could be a list of measures that will affect that country's fintech ecosystem

On January 6, the Mundo Empresarial news agency announced that officials from the Central Bank of the Republic of Argentina are finalizing details for what could be a list of measures that will affect the Fintech ecosystem of the South American country.

According to a publication in iProUp, the measure points to two vertices, the first is to restrict operations and thus evade the payment of the Tax on Credits and Debit in Current Account (check tax). And the second, a supposed objective, is to take care of savers by limiting the transactions made by digital financial companies with customers’ money.

However, it is planned that next Thursday the Central Bank directors will meet in order to approve, firstly, the prohibition of transferring money from the Uniform Virtual Account (CVU) of a legal entity to another CVU. They can only turn it into a bank account.

Second, the money in virtual wallets must be deposited in a bank checking account. As a third point, it is planned to define what fintech can do so that its operation is not considered financial intermediation.

And finally, to increase controls to detect possible cases of undercover financial intermediation. “More than a concrete measure this is a political decision aimed at redoubling controls on fintech operations,” said the iProUp article.


Source: cointelegraph

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