October 30, 2020

Argentina's Central Bank bans the purchase of cryptocurrencies with credit cards

The Central Bank of Argentina has banned citizens from using credit cards to buy bitcoin and other crypto assets. The regulator also indicated a number of industries that do not allow the use of credit cards.

As explained by the Central Bank of Argentina, these measures are taken topreserving the country's foreign exchange reserves. The only alternative to acquire cryptocurrency is to use the money transferred from a bank account. However, it is not yet clear whether these rules will apply to debit and prepaid cards.

Cryptocurrency experts explain the actions of the Argentine regulator with the intention to strengthen foreign exchange control and block the influx of dollars into the country.

Argentina's Central Bank Cuts Monthly This Weekbuying dollars for citizens from $ 10,000 to $ 200. The central bank said restrictive measures would last about two months. Such market uncertainty caused a stir around bitcoin among Argentineans, given the calls of financial expert Preston Byrne to buy cryptocurrency.

In addition, in March, venture capitalist and cryptocurrency enthusiast Tim Draper recommended the president of Argentina legalize Bitcoin to improve the country's economic situation.

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