Argentina’s Central Bank (BCRA) has prohibited financial institutions from enabling cryptocurrency trading, only days after two of the country’s major banks, Banco Galicia and Brubank, expressed interest in digital assets.
On April 2nd, they announced that their customers would be able to purchase Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Ripple (XRP).
According to the BCRA, the prohibition was implemented to “mitigate the risks” that cryptocurrencies pose to customers and “the financial system as a whole,” citing crypto’s high volatility, use in money laundering, and lack of regulatory protection.
The central bank has long been wary of cryptocurrencies. In May 2021, it issued a public notice about the risks associated with cryptocurrencies, warning citizens about the dangers of crypto market volatility and money
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