Argentina tells you what $88.5 billion says: the banks may be closed to crypto, but crypto life goes on.
Juan Curutchet, head of financial regulation at Argentina’s central bank, made it clear at the Pulso 2026 conference last week: “There will be no changes this year.” Banks and payment institutions won’t be allowed to offer crypto assets for the next two years; the 2022 ban remains in effect. A repeal will have to wait until the economy is sufficiently “not fragile”—and the earliest opportunity may depend on the 2027 election and whether Milei can win reelection.
The ban has its own history: in 2022, Banco Galicia, Brubank, and Ualá had just launched crypto trading when, a few days later, the central bank issued Resolution 7506 to shut it down. Resolution 7759 in 2023 extended the restrictions to payment institutions such as Mercado Pago. Last year, there were rumors that the door might open in 2026; those hopes have now officially been dashed.
Ironically, demand isn’t letting up. Chainalysis data shows that in the 12 months through June this year, more than $88.5 billion in crypto assets flowed into Argentina, making it Latin America’s second-largest market. The central bank has closed the “banking channel,” but users have long been accustomed to managing things themselves through exchanges and stablecoins. Banking groups aren’t sitting idle either: they’re setting up separate entities to develop institutional-grade stablecoins.
So the real signal here is that Argentina’s crypto demand will be barely affected in the short term. After years of being conditioned by high inflation, people have already made dollar stablecoins part of their everyday savings. What’s really worth watching is the schedule for the next train: the 2027 election.
#ArgentinaCentralBankWillNotPushCryptoIntoBankingForTwoYears
#阿根廷 #Stablecoin
$BTC $USDT
The above does not constitute investment advice. DYOR; trading involves risks.
Juan Curutchet, head of financial regulation at Argentina’s central bank, made it clear at the Pulso 2026 conference last week: “There will be no changes this year.” Banks and payment institutions won’t be allowed to offer crypto assets for the next two years; the 2022 ban remains in effect. A repeal will have to wait until the economy is sufficiently “not fragile”—and the earliest opportunity may depend on the 2027 election and whether Milei can win reelection.
The ban has its own history: in 2022, Banco Galicia, Brubank, and Ualá had just launched crypto trading when, a few days later, the central bank issued Resolution 7506 to shut it down. Resolution 7759 in 2023 extended the restrictions to payment institutions such as Mercado Pago. Last year, there were rumors that the door might open in 2026; those hopes have now officially been dashed.
Ironically, demand isn’t letting up. Chainalysis data shows that in the 12 months through June this year, more than $88.5 billion in crypto assets flowed into Argentina, making it Latin America’s second-largest market. The central bank has closed the “banking channel,” but users have long been accustomed to managing things themselves through exchanges and stablecoins. Banking groups aren’t sitting idle either: they’re setting up separate entities to develop institutional-grade stablecoins.
So the real signal here is that Argentina’s crypto demand will be barely affected in the short term. After years of being conditioned by high inflation, people have already made dollar stablecoins part of their everyday savings. What’s really worth watching is the schedule for the next train: the 2027 election.
#ArgentinaCentralBankWillNotPushCryptoIntoBankingForTwoYears
#阿根廷 #Stablecoin
$BTC $USDT
The above does not constitute investment advice. DYOR; trading involves risks.