July 22, 2024

In Argentina, banned from buying bitcoin with credit cards

Argentina's central bank has banned citizens from using credit cards to buy Bitcoin and othercryptocurrencies, reports Cointelegraph.

The regulator also limited the possibility of using credit cards in some other areas.

«It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to use funds transferred from a bank account».- says the section regarding cryptocurrency.

It is unclear whether the restrictions apply to debit and prepaid cards.

The Central Bank said that a set of measures is being introduced to preserve the country's foreign exchange reserves.

Earlier, in order to prevent capital flight from the country, the regulator reduced the limit on individuals buying foreign currency from $ 10,000 to $ 200 per month, which is why Bitcoin has grown in popularity in the country.

Recall that earlier the growth in the price of the first cryptocurrency in Argentina was led by restrictions on the purchase of currency, introduced now by former President Mauricio Macri in September