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Jul 25, 2022
by Usha Yadav
Argentine Central Bank Rules Bar Crypto Investors From Buying Dollars
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A new set of regulations from the Argentine Central Bank now applies to people and businesses who bought cryptocurrencies to hedge against currency devaluation. To stop the exchange rate from rising, the bank will only sell dollars at the official rate to people and businesses that haven't bought cryptocurrency in the 90 days before the operation. The transmission, bearing the reference number 7552, states that the person will have access to the official dollar markets. It is necessary to meet these limitations 90 days in advance before buying dollars on the official market.
Closing The Gap And Regional Responses
Local sources claim that the proposed limitations would aim to close the loophole. Some businesses take advantage of the exchange control channels by buying cheap dollars at the official rate, using those dollars to purchase cryptocurrencies, and then exchanging those cryptocurrencies at a higher cost. To prevent the instances mentioned, the Argentinian Central Bank also implemented a new rule prohibiting purchasers of these dollars from purchasing any cryptocurrency 90 days following the transaction.
Argentina Looking For Switch From Traditional Exchanges
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.