The issuance of the Communication “A” 7759 by the Central Bank of the Argentine Republic (BCRA) causing worry and rejection in the Argentine Fintech Chamber.
Said measure prevents payment service providers that offer payment accounts (PSPCP) carry out or facilitate operations with crypto assets to its clients.
From the Argentine Fintech Chamberexpressed a “Deep concern about this measuresince it limits access to a technology that offers multiple benefits and opportunities for society”.
Fintechs will no longer be able to offer cryptocurrency payments
Notably, Argentina is one of the leading countries in crypto adoption assets and international reference in the creation of innovative products and solutions based on this technology.
The technology blockchain and cryptocurrenciess are fundamental tools to promote financial inclusion, facilitate trade and investment, protect savings against inflation and promote the development of the technology industry.
Therefore, the Argentine Fintech Chamber believe strengthened that strengthens the ecosystem Crypto is one of the keys to access new and promising opportunities for the country.
“The regulatory processes requires constructive dialogue between the public and private sectorssince diagnostic errors and the issuance of regulations can negatively affect the evolution and growth of an ecosystem, the statement maintains. virtuous in terms of job creation; promotion of innovation and export of knowledge, essential elements for the economic and social progress of Argentina”, says the statement.
And he concludes: “The BCRA is invited to review this measure and work together with the Chamber and other stakeholders of the system to establish a framework that allows the responsible and sustainable development of the crypto industry in Argentina. It is necessary to establish a dialogue constructive that allows growth and the evolution of a sector that can be key to the future of the country”.
The BCRA measure
The new regulation prevents PSPCPs from implementing this type of operations themselves or offering them from their applications or web platforms through push buttons. automated purchase for the user. Authorized persons must carry out the operation on their own.
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The measure ordered by the BCRA”seek to minimize the risks that operations with these assets they could generate financial service users and the national payment system,” the entity said.
This new standard for PSPCPs equates with the restrictions that financial institutions already have they must comply from May 2022.
“In May 2021, the Central Bank and the National Securities Commission (CNV) published an alert in order to provide information on eventual implications and risks that crypto assets may entailas well as recommending a prudent attitude in order to reduce an eventual source of vulnerability for users and investors,” the monetary entity said.
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