Following the appointment of new authorities for the Central Bank of Argentina (BCRA), the cryptocurrency ecosystem is waiting for the doors to open for a new relationship between banks and bitcoin. As some spokespeople for the Argentine financial system declared to local media, the new board of the BCRA, headed by economist Federico Furiase, has among its priorities that bitcoin (BTC) and other cryptocurrencies finally reach banks and wallets of the country. It is thought that it is only a matter of time before commercial banks and virtual wallets in Argentina can once again offer cryptocurrency services to its clientsincluding its purchase and sale. As BitcoinDynamic reported, this option It has been banned for 2 years due to regulations issued by the central bank in 2022 and 2023. The measures were implemented after Banco Galicia and Brubank gave their clients the possibility of making investments in bitcoin in Argentina. The day after the announcement, the BCRA issued a regulatory statement, discouraging investment in cryptocurrencies through the country's financial system. The situation worsened later, when the same ban was applied to wallets and service providers that offer payment accounts (PSPCP). A fact that still prevents them carry out or facilitate transactions with digital assets, including cryptoassets, for its clients.
The Galicia and Brubank banks had offered their clients the purchase of bitcoin. Composition by BitcoinDynamic. Source: wikipedia.com / AndreaNicolini ; somartin / adobe.stock.com. These are decisions taken during the government of Alberto Fernández and that many They hope that they will be eliminated during Javier Milei's termThe libertarian ideas of the current president, who promotes the free use of currencies, are interpreted as the main sign that This decision will be made very soon.
Milei is expected to bring banks closer to bitcoin
On numerous occasions, Milei (although he has not defined himself as a Bitcoiner) has expressed himself favorably about the digital currency created by Satoshi Nakamoto. He has even said several times that, in the regime of free currency competition, Payments with BTC will be allowed. However, although more than six months have passed since the beginning of its mandate, the prohibitory order of the BCRA remains in full force. The financial entities, which are under the regulatory orbit of the BCRA, are still They are prohibited from offering the purchase and sale of bitcoin and cryptocurrenciesThe need to change the prohibitive measure for banks becomes more evident in the current context, where the number of commercial banks that operate in the country is growing rapidly at a global level. They have a close relationship with the bitcoin industry. The banks' approach is done through cryptocurrency custody and trading services and by adding exposure to BTC in their corporate treasuries. The list already includes dozens of financial institutions, and includes at least 5 major Latin American banks.
Economist Federico Furiase has been director of the BCRA since last June. Source: X. However, despite the delay, there are many who see favorable signs in Milei's government. One of them is the recent regulation that allows the laundering of cryptocurrencies; which was added to the measure that forced the creation of a registry for bitcoin exchanges. Both are seen as a sign of recognition, even if there are questions. The hopes of Argentine cryptocurrency and Fintech companies are also placed on the fact that the new authorities of the central bank They have an approach that does not reject bitcoin. At this point, Kevin Hersch, Business Operations Manager of Bitso, is confident that the lifting of the BCRA ban happen very soon: «Obviously we are waiting for it to be released so that we can provide that service. We did it, we had regulations, but we can do it again and we are waiting.»
B2B sector grows with focus on bitcoin
This is how, based on the possibility that new BCRA regulations will encourage the rapprochement between the cryptocurrency sector and traditional finance, there are more and more exchanges and companies in the Fintech sector that launch new offers to venture in B2B (business to business) services. Interest is particularly directed towards the cryptocurrency market, estimated at USD 100 billion. This is what Sebastián Serrano, founder and CEO of the Ripio exchange, points out, who constantly refers to his company's crypto as a service proposal, which gives other firms the option of providing blockchain-based solutions. He also cites the desire of many Argentine companies to add BTC to your treasury. Among them, Mercado Libre stands out. The e-commerce store born in Argentina already has profits unrealized 383% for its investment in bitcoin. It currently ranks 26th worldwide among publicly traded companies that have the largest holdings of this asset in their treasury as a store of value. The same strategy is followed by the Ripio exchange, which in 2021 bought ten million dollars in cryptocurrencies as part of its treasury strategy. Globant, a software engineering and information technology solutions company, also did the same. Considered one of the 4 Argentine unicornswhich three years ago revealed a $500,000 investment in BTC. In general, the options for services with bitcoin are multiple. Many of them are already a fact. But what is wanted – in an environment where the pioneering digital currency gains more and more recognition– Argentina’s regulations encourage ecosystem development much more.