Argentina's central bank says crypto will not enter the country's banking and payment channels in the near term. A senior official left open the possibility of change during a second Milei presidency, while banking groups build stablecoin projects through separate companies.
The Central Bank of Argentina (BCRA) reiterated that digital assets will not be integrated into banking and payment channels in the near future. Juan Curutchet, the bank's Superintendent of Financial and Foreign Exchange Institutions, spoke at an event organized by the Argentine Payment Chamber.
According to Curutchet: "nothing is going to happen this year". He added that he sees a possibility during a second Milei presidency.
Ban stays despite leaks of deregulation
The statement contradicts alleged leaks of a possible deregulation of digital assets. Bank sources had claimed that a draft allowing banks to offer crypto services was in the works.
As a result, the 2022 BCRA ban on financial institutions offering crypto services will hold. Its removal depends on the state of the economy before an upcoming presidential election.
Economic fragility limits the agenda
Curutchet acknowledged that Argentina's economic standing offers limited leverage to advance these solutions, but he stressed that they are valid issues to discuss. He said the country currently has a level of fragility that does not allow it to advance as much, and he described a pending agenda for later.
Banks build stablecoin projects separately
Even so, banking groups are advancing their own stablecoins projects for institutional money management. The projects feature treasury management operations, payments conditioned on on-chain events, and collateralized credit management.
These conglomerates are developing the initiatives through separate companies to respect the current ban. Banking integration would stay delayed until the central bank lifts the prohibitions.
Argentina nonetheless became the second-largest crypto hub in Latin America, receiving over $88.5 billion in crypto value in the 12 months ending June 30, according to Chainalysis.
Source: Bitcoin News
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