Argentina: The Central Bank prevents payment service providers from offering or facilitating operations with crypto assets

Argentina: The Central Bank prevents payment service providers from offering or facilitating operations with crypto assets

“The regulations prevent PSPCPs from carrying out operations with digital assets by themselves or offering to start them from their applications or web platforms,” ​​they announced from the BCRA

Argentina: El Banco Central impide a proveedores de servicios de pagos ofrecer o facilitar operaciones con criptoactivos

The Central Bank of the Argentine Republic issued a statement announcing new restrictions on payment service providers that offer payment accounts with digital assets and cryptocurrencies within the country.

In it announcement stated: “Payment service providers that offer payment accounts (PSPCP) may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority and authorized by the Bank. Central Bank of the Argentine Republic (BCRA)”.

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“The regulations, therefore, prevent PSPCPs from carrying out these types of operations themselves or offering to initiate them from their applications or web platforms,” ​​they explained in the statement. And they added: “By offering or facilitating is understood the availability of automated purchase buttons for the user. Interested persons must carry out the operation on their own.

Within the statement they also remarked: “The measure ordered by the BCRA seeks to mitigate the risks that operations with these assets could generate for users of financial services and the national payment system. This standard equates the rules that PSPCPs and financial institutions must comply with. The latter already have a restriction of the same tenor since May 2022, disseminated through the Communication A 7506”.

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Finally, they indicated: “In May 2021, the Central Bank and the National Securities Commission (CNV) published an alert in order to provide information on possible implications and risks that crypto assets may entail, as well as recommend a prudent attitude in order to mitigate a potential source of vulnerability for users and investors”.

For more information on the official statement published by the BCRA, you can click here.

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Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.

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