July 21, 2024

BTC Trading Volume in Argentina Rises Against New CBR Limits

Bitcoin's popularity continues to rise in Argentina after the country installed a newmonthly limit on the purchase of US dollars.

According to the local Clarín news outlet, citing the Central Bank of Argentina (BCRA), the limit on the purchase of US dollars has been reduced to $ 200 per month per person.

In September of this year, Argentine authorities limitedthe amount of US dollars available for purchase by citizens in the amount of $ 10,000. Then a financial expert called on Argentines to buy bitcoins. The latest statement by the Central Bank said:

“Given the current degree of uncertainty, adviceBCRA's directors decided on Sunday to take a series of measures to preserve the Central Bank's reserves. The announced measures are temporary and will be valid until December 2019. A new limit is set for the purchase of US dollars at $ 200 per month for individuals through a bank account and $ 100 for the amount that can be purchased for cash. "

A statement was made the day afterArgentinean BTC users have completed yet another record-high cryptocurrency weekly trading week on the Localbitcoins P2P exchange. According to Coin Dance, in the week preceding the announcement of the Central Bank, the trading volume amounted to $ 240,000.


In March of this year, a venture investor and a well-knowncryptocurrency enthusiast Tim Draper advised the president of Argentina to legalize Bitcoin in order to improve the economic situation in the country. He met with Argentinean President Mauricio Macri to discuss the economic prospects of a Latin American country. However, on Sunday, Macri lost the election to an opposition candidate, and the country's policies, including with regard to cryptocurrencies, could soon change.

In April, it was reported that inflation in Argentina skyrocketed to its highest level since 1992, which prompted citizens to increasingly turn their attention to bitcoin as an alternative.