Argentina's central bank rules out crypto banking integration for two years
The BCRA's Juan Curutchet said crypto will not enter banking or payment channels this year, though he sees it as possible in a second Milei term.
Why it matters: The decision keeps crypto out of Argentina's regulated banking and payment rails, even as the country ranks among the world's largest crypto markets.
Key points
- Superintendent Juan Curutchet said nothing will change on crypto in banking and payments this year.
- The 2022 BCRA ban on banks offering crypto services stays in place, with any removal tied to the economy before the next presidential election.
- Argentina drew over $88.5bn in crypto value in the 12 months to 30 June, making it Latam's second-largest crypto hub, per Chainalysis.
Argentina's central bank has ruled out crypto banking integration in the near term, keeping its ban on digital assets in banking and payment channels.
Curutchet's remarks push back against alleged leaks suggesting a draft was being prepared to let banks offer crypto services. He said Argentina's current fragility limits how far such measures can advance, but called them valid issues with a pending agenda for later.
Banking groups are nonetheless building institutional stablecoin projects through separate companies to respect the ban, targeting programmable money features such as treasury management, payments conditioned on on-chain events and collateralised credit management. Full banking integration would wait until the central bank lifts its prohibitions.
Despite the restriction, Argentina has become Latam's second-largest crypto hub, receiving more than $88.5bn in crypto value in the 12 months ending 30 June, according to Chainalysis.
What to watch: Any change depends on the state of the economy before Argentina's upcoming presidential election and a possible second Milei term.
Live updates on NewsFeeds:MacroStablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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