According to local media reports, Argentina is considering allowing local financial institutions to participate more directly in the cryptocurrency sector, marking a significant shift from its restrictive policies.
According to a report published by local news outlet La Nacion on Friday, the Central Bank of Argentina (BCRA) is contemplating allowing traditional banks to engage in cryptocurrency trading. The report cites "sources close to the organization." Cointelegraph has not independently verified this information.
Just days after the country's two major banks announced in May 2022 that they would open digital asset services, the BCRA intervened and prohibited financial institutions from offering cryptocurrency trading services. At that time, the BCRA pointed out that such measures posed risks to users and the "entire financial system."
Reports indicate that new cryptocurrency regulations are being formulated, but sources from La Nación did not specify when they would be finalized or implemented. A representative from a local exchange stated that the measures could be approved as early as April 2026.
Rumors about this potential policy shift have circulated among cryptocurrency exchanges, bankers, and regulatory officials for some time. A representative from the local cryptocurrency exchange Lemon told the media, "We believe that a more open financial ecosystem will be a key driver for the mass adoption of digital assets in Argentina."
The regulatory changes mentioned in the report align with the recent direction taken by the Argentine government. In mid-March of this year, the Argentine securities regulator finalized rules for virtual asset service providers, establishing a clear regulatory framework for the industry. Since April 2024, cryptocurrency service providers must register with local regulatory authorities.
This development follows the approval of U.S.-listed cryptocurrency exchange Coinbase by Argentine regulators to expand its services in the country in January of this year. In October 2024, Binance also announced that its mobile and web applications would be "fully open" to Argentine users after registering as an official cryptocurrency service provider. Similarly, cryptocurrency exchange Bybit was also granted permission to operate in Argentina in mid-August 2024.
The country's cryptocurrency industry has been steadily growing, surpassing Brazil in early October 2024 to become the country with the highest estimated cryptocurrency inflow in Latin America. Another data point from July 2024 indicated that Argentina leads the Western Hemisphere in cryptocurrency adoption, with analysts often pointing to the extreme weakness of the peso and an inflation rate of about 276% as key driving factors.
Until recently, regulators had generally taken a hostile stance toward this trend. In May 2023, the central bank prohibited payment providers from offering cryptocurrency trading, reinforcing previous restrictions on how formal financial institutions could interact with digital assets.
Related: U.S. Treasury Leads Tokenization Wave, CoinShares Predicts Growth Momentum by 2026
Original article: “Reports indicate Argentina is considering allowing traditional banks to trade cryptocurrencies”
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