The Banco Central de la República Argentina (BCRA) restricted traders’ access to the single currency exchange market and, most importantly, curtailed the possibility of buying US dollars.
The ban applies to anyone who has bought crypto with the Argentine peso in the last 90 days.
Why would BCRA need this?
The answer to this question is hidden in the figure “64” – this is the country’s annual inflation percentage (one of the highest in the world). So by imposing restrictions, the government simply limits capital outflow, trying to reduce inflation.
So while people try to preserve their savings by putting them in crypto, the government is trying to do everything possible to contain this avalanche.
Interestingly, in May, one of the largest banks in Argentina opened the possibility of buying cryptocurrency. And now, the central bank quickly quashed this opportunity.