Argentina’s central bank has ruled out near-term crypto integration into banking and payment channels, while leaving future changes open.
The Central Bank of Argentina (BCRA) has ruled out integrating crypto into payment service providers and the banking sector this year, while leaving open the possibility of such measures during a potential second term for President Javier Milei. Speaking at an event organised by the Argentine Payment Chamber, Juan Curutchet, Superintendent of Financial and Foreign Exchange Institutions at the BCRA, reiterated that there would be no changes regarding crypto and digital assets in banking and payment channels in the near future. As a result, the BCRA’s 2022 ban on financial institutions offering crypto services remains in place.
Regulatory outlook tied to economic conditions
Curutchet stated that no changes regarding the dollar or crypto would take place this year, but that he sees them as a possibility during a second Milei presidency. His comments contradict reported leaks suggesting a possible deregulation of digital assets, with bank sources claiming that a draft allowing banks to offer crypto services was being prepared. Any removal of the ban is therefore expected to depend on the state of the economy ahead of the upcoming presidential election.
Curutchet acknowledged that Argentina’s economic position currently offers limited room to advance such measures, while stressing that they remain valid issues for discussion. According to Curutchet, progress should be made once perceptions of vulnerability and fragility have decreased further and full economic freedom is in place. He added that the current level of fragility does not allow the country to advance significantly, but that these topics form part of a pending agenda for later.
Banks pursue stablecoins through separate entities
Despite the ban, banking groups in Argentina are advancing their own stablecoin projects aimed at offering programmable money features for institutional money management. These include treasury management operations, payments triggered by on-chain events, and collateralised credit management. The groups are developing these initiatives through separate companies to comply with the current prohibition, meaning that integration into banking services will not occur until the central bank lifts the restrictions.
Crypto activity in the country has continued to grow outside the banking system. According to Chainalysis, Argentina received more than USD 88.5 billion in crypto value in the 12 months ending 30 June. The gap between this level of activity and the central bank’s position means that, for now, crypto services remain separate from regulated banking and payment channels. By building stablecoin capabilities through affiliated companies, banks are positioning themselves to integrate these services if the regulatory stance changes after the election.
